AS PER NEW SYLLABUS MARKS: 80 MARKS
Particulars
|
31.3.2006
|
31.3.2007
|
Stock
Furniture
Plant and machinery
Loan taken
Bank balance
Debtors
Creditors
|
15000
53500
42500
21000
1900
43000
18000
|
14000
44000
55500
21000
2100
35000
14900
|
Liabilities
|
Amount
|
Assets
|
Amount
|
Loan taken
Creditors
Capital at the beginning of the year
|
21000
18000
116900
|
Stock
Furniture
Plant and machinery
Bank balance
Debtors
|
15000
53500
42500
1900
43000
|
155900
|
155900
|
Liabilities
|
Amount
|
Assets
|
Amount
|
Loan taken
Creditors
Capital at the end of the year
|
21000
14900
114700
|
Stock
Furniture
Plant and machinery
Bank balance
Debtors
|
14000
44000
55500
2100
35000
|
150600
|
150600
|
Particulars
|
Amount
|
Capital at the end of the year
|
114700
|
Add: Drawings
|
15000
|
Less: Additional capital introduced
|
129700
(4000)
|
Less: Capital at the beginning of the year
|
125700
(116900)
|
GROSS PROFIT
Less: Depreciation
On Machinery = (55000)(5/100)(12/12) = 2775
On Furniture = (44000)(5/100)(12/12) = 2200
|
8800
(4975)
|
LESS: BAD DEBTS
|
3825
(500)
|
NET PROFIT
|
3325
|
Liabilities | Amount Rs. | Assets | Amount Rs. |
Capital A/c Rajkumar Rajendrakumar General Reserve Creditors | 150000 120000 80000 | Buildings Furniture Stock Debtors Cash Profit and Loss A/c | 100000 30000 60000 300000 30000 30000 |
550000 | 550000 |
Debit | Credit |
1500 | 12000 |
10500 | |
12000 | 12000 |
Sanil, Nitish, Sapna were partners in a firm sharing profits and losses in the proportion of 1/2 , 1/3, 1/6 respectively. Their Balance Sheet as on 31st March, 2012 was as follows:
Liabilities
|
Amount
|
Assets
|
Amount
|
Bills Payable
Capitals:
Sanil
Nitish
Sapna
|
30000
80000
50000
30000
|
Machinery
Furniture
Sundry Assets
Stock
Debtors
Bank
|
40000
5000
60000
30000
32000
23000
|
190000
|
190000
|
Date
|
Particulars
|
L
F
|
Debit
|
Credit
|
? 1
|
Rupali’s A/c………Dr.
To Sales A/c
(Being the goods are sold)
|
25000
|
25000
| |
2
|
Cash / bank a/c ………Dr
Bills Receivable A/c ……… Dr.
To Rupali’s A/c
(Being the part payment is made and bill is drawn)
|
10000
15000
|
25000
| |
3
|
Cash/ Bank A/c ……… Dr.
Discount A/c ………… Dr.
To Bills Receivable A/c
(being the bill is discounted)
|
14700
300
|
15000
| |
4
|
Rupali’s A/c ……… Dr
To Cash/Bank A/c
(being the bill is dishonored)
|
15000
|
15000
| |
5
|
Cash/ bank a/c………… Dr
To Rupali’s A/c
(being the part payment is made)
|
5000
|
5000
| |
6
|
Rupali’s A/c ……… Dr.
To Interest a/c
(being the interest is charged on balance amount)
|
200
|
200
| |
7
|
Bills Receivable A/c ………… Dr.
To Rupali’s A/c
(being the new bill is drawn along with interest)
|
10200
|
10200
| |
8
|
Cash/ bank a/c ……… Dr.
To Bills receivable a/c
(being the new bill is honored)
|
10200
|
10200
|
Q5. X and Y are equal partners.
The following is their Balance Sheet as on 31st March, 2012.
Liabilities
|
Rs.
|
Rs.
|
Assets
|
Rs.
|
Rs.
|
X’s Capital
Y’s Capital
Reserve Fund
X’s Loan
Creditors
|
40000
30000
8000
2000
15000
|
Building
Machinery
Furniture
Debtors
Less: R.D.D.
Stock
Investments
Commission Receivable
Bank
|
8800
- 800
|
30000
10000
12000
8000
20000
4000
1000
10000
| |
95000
|
95000
|
Particulars
|
Rs.
|
Rs.
|
Particulars
|
Rs.
|
Rs
|
To Sundry Assets
|
By Sundry Liabilities
| ||||
Building
|
30000
|
Creditors
|
15000
| ||
Machinery
|
10000
|
By R.D.D. A/c
|
800
| ||
Furniture
|
12000
|
By Bank A/c
| |||
Debtors
|
8800
|
Stock
|
19000
| ||
Stock
|
20000
|
Debtors
|
7500
| ||
Investments
|
4000
|
Machinery
|
11000
| ||
Commission Receivable
|
1000
|
85800
|
Building
|
14000
|
51500
|
To Bank A/c
|
2000
|
BY Y’s Capital A/c
| |||
(Dissolution Expenses)
|
Investments
|
5000
| |||
To Bank A/c
|
Furniture
|
12000
|
17000
| ||
Creditors
|
15000
|
By X’s Loan A/c
|
500
| ||
By Loss on Realisation A/C
| |||||
X
|
9000
| ||||
Y
|
9000
|
18000
| |||
102800
|
102800
|
Particulars
|
X
|
Y
|
Particulars
|
X
|
Y
|
To Realisation A/c
|
17000
|
By Balance b/d
|
40000
|
30000
| |
To Realisation A/c
(loss)
|
9000
|
9000
|
By Reserve Fund (1:1)
|
4000
|
4000
|
To Bank A/c
|
35000
|
8000
| |||
44000
|
34000
|
44000
|
34000
|
Particulars
|
Rs.
|
Rs.
|
Particulars
|
Rs.
|
Rs
|
To Bank A/c
|
1500
|
By Balance b/d
|
2000
| ||
To Realisation A/c
|
500
| ||||
2000
|
2000
| ||||
Particulars
|
Rs.
|
Rs.
|
Particulars
|
Rs.
|
Rs
|
To Balance b/d
|
10000
|
By Realisation A/c
|
2000
| ||
To Realisation A/c
|
51500
|
By Realisation A/c
|
15000
| ||
By X’s Loan A/c
|
1500
| ||||
By X’s Capital A/c
|
35000
| ||||
By Y’s Capital A/c
|
8000
| ||||
61500
|
61500
|
Receipts
|
Amt. (Rs.)
|
Payments
|
Amt. (Rs.)
|
To Balance b/d
|
4,160
|
By Salaries
|
5,500
|
To Subscription:
|
By Entertainment Exp.
|
2,580
| |
2003-04 16,000
|
By Lighting
|
1,000
| |
2004-05 412
|
16,412
|
By General Expenses
|
1,536
|
To Donation
|
2,000
|
By Taxes
|
500
|
To Receipt from Entertainment
|
3,644
|
By Investments
|
12,000
|
To Interest on Investment
|
324
|
By Printing & Stationery
|
944
|
To Entrance Fees
|
4,500
|
By Expenses of 2002-03
|
2,400
|
To Price Fund
|
3,000
|
By Fixed Deposit
|
4,000
|
By Bank Balance
|
3,000
| ||
By Balance c/d
|
580
| ||
34,040
|
34,040
|
Expenditure
|
Rs.
|
Rs.
|
Income
|
Rs.
|
Rs.
|
To Entertainment Exp.
To Salaries
Add: Outstanding
To Lighting
To General Expenses
To Taxes
To Printing & Stationery
To Depreciation
Building
Furniture
To Surplus
|
5,500
1,000
1,200
460
|
2,580
6,500
1,000
1,536
500
944
1,660
11198
|
By Donation
By Receipt from Entertainment
By Interest on Investment
Add: Interest
By Entrance Fees
Less: Capitalised
By Surplus
|
324
150
4,500
2,700
|
2,000
3,644
474
1,800
18,000
|
25,918
|
25,918
|
Liabilities
|
Rs.
|
Rs.
|
Assets
|
Rs.
|
Rs.
|
Capital Fund
Add: Entrance Fees
Add: Surplus
Price Fund
Outstanding Salary
Subscription paid in advance
|
66,360
2,700
69,060
11198
|
80258
3000
1000
412
|
Building
Less: Depreciation
Furniture
Less: Depreciation
Investments
Add: Interest
Fixed Deposit
Bank Balance
Cash
Subscription receivable
|
60,000
1,200
4,600
460
12,000
150
|
58,800
4,140
12,150
4,000
3,000
580
2,000
|
84670
|
84670
|
Particulars
|
Amount
|
Particulars
|
Amount
|
Opening stock
Sundry debtors
Purchases
Wages
Salaries
Office expenses
Discount
Rent, rates and taxes
Plant and machinery
Return inwards
Land and buildings
Cash at bank
Current account :Kalavati
Lilavati
Government bonds
|
10000
14100
20000
4250
1350
1223
650
900
15000
1750
32000
4327
2100
600
3000
|
Return outwards
Sundry creditors
Sales
R.D.D.
Capital accounts : Kalavati
Lilavati
Loan @ 9% p.a. (taken on 1-10-2004)
Bills payable
|
1250
15800
35000
200
35000
10000
2000
12000
|
1,11,250
|
1,11,250
|
Particulars
|
Amount
|
Amount
|
Particulars
|
Amount
|
Amount
|
To opening stock
To purchases
(-)return
To wages
(+) outstanding
To Gross profit c/d
|
20000
(1250)
4250
750
|
10000
18750
5000
20000
|
By sales
(-) return
By closing stock
|
35000
(1750)
|
33250
20500
|
53750
|
53750
|
Particulars
|
Amount
|
Amount
|
Particulars
|
Amount
|
Amount
|
To Salaries
(+) outstanding
To Office expenses
To discount
To rent, rates & taxes
(-) prepaid
To Bad debts
(+) FBD
(+) NRDD
(-) ORDD
TO Depreciation
Plant & machinery
Land & buildings
To interest on loan
To interest on capital
Kalavati
Lilavati
To current a/c
Kalavati
Lilavati
|
1350
657
900
100
-----
100
700
200
1500
1600
1750
500
5568
3712
|
2007
1223
650
800
600
3100
90
2250
9280
|
By gross profit b/d
|
20000
| |
20000
|
20000
|
Particulars
|
Kalavati
|
Lilavati
|
Particulars
|
Kalavati
|
Lilavati
|
To balance b/d
To balance c/d
|
2100
5218
|
600
3612
|
By interest on capital
|
1750
5568
|
500
3712
|
7318
|
4212
|
7318
|
4212
|
Liabilities
|
Rs.
|
Rs.
|
Assets
|
Rs.
|
Rs.
|
Capital account
Kalavati
Lilavati
Current account
Kalavati
Lilavati
Sundry creditors
(+) bills payable dishonoured
Bills payable
(-) bills payable dishonoured
Outstanding
Salaries
Wages
Load @ 9%
(+) interest
|
35000
10000
5218
3612
15800
3000
12000
3000
657
750
2000
90
|
45000
8830
18800
9000
1407
2090
|
Land & building
(-) depreciation@5%
Plan & Machinery
(-) depreciation @10%
Sundry debtors
(-) F.B.D.
(-) N.R.D.D.
Closing stock
Prepaid rent, rates, & tax
Cash at bank
Government bonds |
32000
1600
15000
1500
14100
100
14000
700
|
30400
13500
13300
20500
100
4327
3000 |
85127
|
85127
|