Question

Trial Balance of Partnership Firm of Parthiy and Priya as on 31-3-2017
Parthiv and Priya are the partners of a partnership firm. From the Trial balance dated 31-3-2017
9.
and adjustments, prepare final accounts of a partnership firm.
Debit Balances
Amt. ()
Credit Balances
14,000
4800 Capital Accounts : Parthin
16.000
Priya
3200
2.00.000
Drawings : Parthiv
Priya
*Net cost of purchase
Stock of goods (31-3-17)
Receivables
30,000
1,06,000 Sales
28,000 Payables
48,000 Goods distribute as sample
2000
14.000
Wages-salary
10,000 Bank overdraft
16,000
Trading expense
Building
Furniture-fittings
50,000
10,000
Office equipments
4000
Packing material stock
4000
Cash balance
2000
2,86,000
2,86,000
*Note : Net cost of purchase means adjusted purchase.
Adjustments :
(1) Provide interest 8 % on capital and 12% on drawings. Parthiv had withdrawn 400 at the end of
each month and Priya had withdrawn on 1-10-16.
(2) Credit sales of ? 10,000 is not recorded and total of sales book of March is overcast by
* 2000.
(3) Write off additional bad debts of 2000 and provide 5 % bad debts reserve on debtors.
(4) Furniture of 4000 became obsolete, which is not recorded in the books.
(5) A court has finalised claim of 4000, for not meeting agreement to provide goods to
a customer
(6) Outstanding wages of ? 2000 is recorded to wages account but outstanding wages account is
not recorded in the trial balance​

Answer 1

Answer:

overcast by

* 2000.

(3) Write off additio