Question

Sucheta & Gayatri are Partners sharing Profit and Losses in the ratio 3:2. From the
following Trial Balance and additional information you are required to prepare Trading
and Profit and Loss Account for the year year ended 31st March 2019 and Balance Sheet as
on that date.
Trial Balance as on 31st March, 2019
Particulars Debit ` Credit `
Purchases & Sales 65,000 1,85,500
Works Manager's Salary 2,300
Capital - Sucheta 75,000
- Gayatri 40,000
Opening Stock 18,700
Debtors & Creditors 47,500 35,000
Wages & Salaries 4,000
Bills Receivable 22,000
Bills Payable 27,300
Discount 400
Motive Power 1,350
Custom duty 1,500
Interest 1,300
Unproductive Wages 3,000
Audit fees 2,500
Rent 1,800
Conveyance 2,000
Goodwill 25,000
Copyrights 20,000
Building 88,000
Partner (Sucheta's) Loan 6,150
Investments 40,000
Cash at Bank 26,000
3,70,650 3,70,650
Adjustments :
1) Stock on 31st March 2019 was valued at ` 19,700.
2) Goods costing ` 3,000 distributed as free sample.
3) Motive Power includes ` 500 paid for deposit of Power Meter.
4) Depreciate Building @ 5%.
5) Write of ` 2,000 for Bad debts and maintain R.D.D at 3% on Debtors.
6) Bills Receivable included dishonoured of Bill of ` 4,000.

Answer 1

Explanation:

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