From the following Trial Balance and adjustments of M/s Apeksha and Pratiksha;

you are required to prepare Trading and Profit and Loss account for the year ended 31st March 2013 and Balance sheet as on that date:

Trial Balance as on 31.03.2013


Particulars
Debit
Amount (Rs.)
Credit
Amount (Rs.)
Capital Accounts


Apeksha

60000
Pratiksha

35000
Purchases and Sales
46700
85000
Sundry Debtors and Creditors
28000
25000
Bills Receivable and Bills Payable.
9600
7800
Opening Stock
18000

Wages
9900

Investment
13500

Postage and Telegrams
3600

Insurance
1200

Plant and machinery
40700

Furniture
18000

Cash in hand
2500

Carriage
3200

Bad debts
400

Prepaid rent
7000

Salaries
10500


212800
212800

Adjustments:

(1) The closing stock is valued at Rs. 31,000
(2) Outstanding wages Rs. 1,400.
(3) Depreciate furniture at 10% p.a.
(4) Insurance Rs. 500 is paid in advance.
(5) Provide for further bad debts of Rs. 1,500.
(6) Goods worth Rs. 2,000 withdrawn by Apeksha for her domestic use but not recorded in the books of account.

Answer:
M/s Apeksha and Pratiksha
Trading A/c for the year ended 31.03.2013
Particulars
Amount Rs.
Amount Rs.
Particulars
Amount Rs.
Amount Rs.
To Opening Stock

18000
By Sales

85000
To Purchases

46700
By Drawing of Goods by Apeksha

2000
To Wages
9900

By Closing Stock

31000
Add: Outstanding
1400
11300



To Carriage

3200



To Gross Profit C/d

38800











118000


118000


Profit and Loss A/c for the year ended 31.03.2013

Particulars
Amount Rs.
Amount Rs.
Particulars
Amount Rs.
Amount Rs.
To Salaries

10500
By Gross Profit b/d

38800
To Postage and Telegram

3600



To Insurance
1200




Less: Prepaid
500
700



To Bad debts
400




Add: N.R.D.D.
1500
1900



To Depreciation on Furniture

1800



To Net Profit Transferred to partners’s Capital Account.





Apeksha Capital A/c
10150




Pratiksha Capital A/c
10150
20300











38800


38800

Partners’ Capital Accounts

Particulars
Apeksha
Pratiksha
Particulars
Apeksha
Pratiksha
To Drawings
2000
-
By Balance b/d
60000
35000
To Balance c/d
68150
45150
By Profit & Loss Account. [Net Profit]
10150
10150







70150
45150

70150
45150

Balance Sheet as on 31.03.2013


Liabilities
Amount Rs.
Amount Rs.
Assets
Amount Rs.
Amount Rs.
Capital :


Plant and Machinery

40700
Apeksha
68150

Furniture
18000

Pratiksha
45150
113300
Less: Depreciation
1800
16200
Sundry Creditors

25000
Investment

13500
Bills Payable

7800
Bills Receivable

9600
Outstanding Wages

1400
Sundry Debtors
28000




Less: R.D.D.
1500
26500



Cash in Hand

2500



Prepaid Rent

7000



Closing Stock

31000



Prepaid Insurance

500








147500


147500

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