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Friday 6 September 2019

HSC-Partnership Final Accounts | Question no 1 | Text Book Solution





Question-

1. From the following Trial Balance of M/s. Ajay and Vijay, you are required to prepared Trading and Profit and Loss Account for the year ended 31st March, 2009 and Balance Sheet as on that date.

Trial Balance as on 31st March 2016-



Particulars
Debit Amount
Credit Amount








Capital A/c’s



Ajay

60,000

Vijay

35,000

Purchases and sales
46,700
85,000

Sundry Debtors and creditors
28,000
20,000

Bills Receivable and Bills Payable
5,000
6,000

Commission
4,600
1,800

Opening stock
18,000


Wages
9,900


Investment
13,500


Postage  and Telegram
3,600


Insurance
1,200


Plant and Machinery
40,700


Furniture
18,000


Cash in Hand
2,500


Carriage
3,200


Bad Debts
400


Prepaid rent
7,000


Salaries
10,500



2,12,800
2,12,800





Additional Informations:

The Closing Stock is valued at 31,000.
Outstanding Expenses were: Wages 1,400; Salaries 800.
Depreciate Plant and Machinery by 10%.
Insurance at 500 is paid in advance.
Provide for further Bad debts of1,500.
Commission due but not received 1,200.




Solution

              Trading a/c for the year ended
                                  31/3/2009


               Profit & Loss a/c for the year ended                                     31/3/2009

                          Partner's Capital Accounts











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