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(6) Goods worth Rs. 2,000 withdrawn by Apeksha for her domestic use but not recorded in the books of account.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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