Sahil & Soham are partners sharing profits & losses equally. From the following Balance and Adjustments prepare Trading & Profit & Loss Account for the year ended March, 2019 & Balance Sheet as on that date.. Trial Balance as on 31" March, 2019
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Answer:
Trading Profit and Loss and Profit and Loss Appropriation Account
Particulars Amount Particulars Amount
To opening stock
To purchases 7,60,000
Less:Returns (10,000)
To GP
To salary & wages
To rent 1,10,000
Ad;O/s 10,000
To general exp
To depreciation
Furniture & fix
computers
machinery
To net profit
To interest on capital
Ayub - 24,000
Amit-23,100
To profit transferred to
Ayub's capital A/c-6950
Amit's capital A/c-6950
45,000
7,50,000
4,80,000
1,80,000
1,20,000
35,000
10,000
44,000
30,000
61,000
47,100
13,900 By sales 12,50,000
Less: returns (25,000)
By closing stock
By GP b/d
By Net profit 12,25,000
50,000
4,80,000
61,000
Total 61,000 Total 61,000
BALANCE SHEET FOR THE YEAR 31ST MARCH,2018
Liabilities Amount Assets Amount
Capital A/cs
Ayub 4,00,000
Add:interest on capital 24,000
Share of profit
6950
Less:drawings (60,000)
Amit 3,85,000
Add:interest on capital 23,100
share of profit 6950
Less:drawings (50000)
Sundry Creditors
Rent outstanding
3,70,950
3,65,050
90,000
10,000
Computers 2,20,000
Less:-Depreciation (44,000)
Furniture 50,000
Less:Depreciation (10,000)
Machinery 3,00,000
Less: Depreciation (30,000)
Sundry Debtors
Closing stock
Cash in Hand
Cash at bank 1,76,000
40,000
2,70,000
2,00,000
50,000
25,000
75,000
Total 8,36,000 Total 8,36,000