Question

Tambe & pitale are partners sharing profit & losses equally. From the following trail balance and adjustments prepare trading and profit and loss account for the year ended 31st March 2012 and balance sheet as on that date trail balance as on 31st March 2012 debit balance land & building 75000, machinery (additional on 1st July 2011 rs.10000) 55000,opening stock 23000,wages 5750,cash at bank 3500,sundry debtors 32800, purchase 63000, carriage 1250,rent rates & taxes 2400, furniture & fixtures 26600, salaries 3500,office expenses 2450, drawings a/c tambe 5000,pitale 4000. credit balance capita account tambe 70000, pitale 50000,sales 85000,sundry creditors 44250,10% bank loan 20000(taken on 1st Oct 2011),sundry income 1500,pre-received rent 2500, provided fund 30000. adjustments 1) closing stock is valued at 20000 2) goods worth 2000 were purchased on 31st March 2013 and included in closing stock but not recorded in the books of account. 3) goods worth 2500 were sold but not recorded in the books of accounts. 4) outstanding office expenses were 1700. 5) depreciate machinery at 10% p.a . 6) write off 1500 for bad debts.​

Answer 1

Answer:

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