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4) Vijay and Sanjay are Partners sharing profit and losses equally from the following Trial Balance and adjustment. You are required to prepare a Trading and Profit and Loss Account for the yea ended 31st March - 2014 and Balance Sheet as on that date : Trial Balance (31" March 2014) Cr. Balance Dr. Balance Drawings: Vijay Sanjay Sundry Debtors Cash at Bank Land and Buildings Opening Stock Import Duty Audit Fees Wages Brokerage Motor Van Machinery 12% debentures Factor Rent Salaries Purchases Rs. 5.000 Capital A/C: Vijay 4,000 45,000 Current A/c Vijay 22,800 Saniay 75,000 Sundry Creditors 38,200 Bank Overdraft 6,400 Sales 3,750 4,150 2.400 40,000 32,000 25,000 2.250 7.500 1,02.500 4.15.950 Rs. 70,000 60.000 4,750 3.800 Sanjay 4,15,950 Adjustments (1) Sales includes. Sale of machinery of Rs. 2,000 whichis sold on 1st April 2013 (2) Depreciat: machinery at 12.5% and Motor van 8% p.a. 3) Stock on hand 31st March 2014 was valued at Rs 41,000 (4) Debentures Purchased on 1" October 2013 (5) Outstanding expenses were : Salary Re 1,500 and Audit Fees Rs. 1.250. (6) Vijay is enticied to get salary at Rs. 400 per month and Sanjay to get commission 4% on Gross Profit (7 Interest on partner's capital at 5% p.a. is allowed whili interest on drawings is charged 4% pa Ans: Gross Profit 93.150, Net Prot 56, 454, es total 2,73,350, Interest on Drawing : Vjay Rs. 100. Sanjay 80, Sanjay's Commission 3,726. Dep. on Machinery -3750. COMNERCE CLASSES

4) Vijay and Sanjay are Partners sharing profit and losses equally from the following Trial Balance and adjustment. You are required to prepare a Trading and Profit and Loss Account for the yea ended 31st March - 2014 and Balance Sheet as on that date : Trial Balance (31" March 2014) Cr. Balance Dr. Balance Drawings: Vijay Sanjay Sundry Debtors Cash at Bank Land and Buildings Opening Stock Import Duty Audit Fees Wages Brokerage Motor Van Machinery 12% debentures Factor Rent Salaries Purchases Rs. 5.000 Capital A/C: Vijay 4,000 45,000 Current A/c Vijay 22,800 Saniay 75,000 Sundry Creditors 38,200 Bank Overdraft 6,400 Sales 3,750 4,150 2.400 40,000 32,000 25,000 2.250 7.500 1,02.500 4.15.950 Rs. 70,000 60.000 4,750 3.800 Sanjay 4,15,950 Adjustments (1) Sales includes. Sale of machinery of Rs. 2,000 whichis sold on 1st April 2013 (2) Depreciat: machinery at 12.5% and Motor van 8% p.a. 3) Stock on hand 31st March 2014 was valued at Rs 41,000 (4) Debentures Purchased on 1" October 2013 (5) Outstanding expenses were : Salary Re 1,500 and Audit Fees Rs. 1.250. (6) Vijay is enticied to get salary at Rs. 400 per month and Sanjay to get commission 4% on Gross Profit (7 Interest on partner's capital at 5% p.a. is allowed whili interest on drawings is charged 4% pa Ans: Gross Profit 93.150, Net Prot 56, 454, es total 2,73,350, Interest on Drawing : Vjay Rs. 100. Sanjay 80, Sanjay's Commission 3,726. Dep. on Machinery -3750. COMNERCE CLASSES

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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SHREEE COMMERCE CLASSES Closing stock was valued at Rs. 61 500. 121Printing and Stationery Included Rs. 500 paid for Durchases of postal stamps, (3) Denreciate Furniture and Machinery at 10% p.a. (4) 5% Interest is to e allowed on Capital. (5) Of the dehtors Rs S00 were bad and should be written off, and R.D.D should be maintained at 5%. (61 Goods of Rs 7500 were purchased on 30th March. 2000 and ded in the closing stock but those purchases were not recorded in the books of accounts. (Oct. 04). Ans Gross Profit - 31.200: Net Loss - 5.275: B/S Total -1.52.725. Std X 251Pge Vijay and Sanjay are Partners sharing profit and losses equally from the following Trial Balance and adjustment. You are required to prepare a Trading and Profit and Loss Account for the year ended 31st March - 2014 and Balance Sheet as on that date Dr. Balance Drawings: Vijay Trial Balance (31" March 2014) Cr. Balance Rs. 5,000 Capital A/C: Vijay 4,000 45,000 Current A/c Vijay 22,800 Sanay 75,000 Sunary Creditors 38,200 Bank Overdraft 6,400 Sales 3.750 4,150 2,400 40,000 32,000 25,000 2.250 7,500 1,02.500 4,15,950 Rs. 70,000 60.000 4.750 3.800 52.500 17,250 2,07.650 Sanjay Sanjay Sundry Debtors Cash at Bank Land and Buildings Opening Stock Import Duty Audit Fees Wages Brokerage Motor Van Machinery 12% debentures Factor Rent Salaries Purchases 4,15.950 Adjustments (1) Sales includes. Sale of machinery of Rs. 2,000 machinery at 12.5% and Motor van 8% p.a. 3) 41,000 (4) Debentures Purchased on 1" Octob 1,500 and Audit Fees Rs. 1,250. (6) Vjay to get commission 4% on Gross Profit Interest on drawings is charged 4% pa Ans: Gross Profit 93.150, Net Proft 56. Sanjay 80, Sanjay's Commission hich is sold on 1st April 2013 (2) Depreciate on hand 31st March 2014 was valued at Rs 2013 (5) Outstanding expenses were : Salary Rs entided to get salary at Rs. 400 per month and Sanjay is nterest on partner's capital at 5% p.a. is allowed while 4, Bs total 2,73,350, Interest on Drawing : Vijay Rs. 100, Dep. on Machinery-3750. SHREEE COMNERRCE CLASSES al Accounts of Partnership Firm Book Keeping and Accountan
Transcribed Image Text:SHREEE COMMERCE CLASSES Closing stock was valued at Rs. 61 500. 121Printing and Stationery Included Rs. 500 paid for Durchases of postal stamps, (3) Denreciate Furniture and Machinery at 10% p.a. (4) 5% Interest is to e allowed on Capital. (5) Of the dehtors Rs S00 were bad and should be written off, and R.D.D should be maintained at 5%. (61 Goods of Rs 7500 were purchased on 30th March. 2000 and ded in the closing stock but those purchases were not recorded in the books of accounts. (Oct. 04). Ans Gross Profit - 31.200: Net Loss - 5.275: B/S Total -1.52.725. Std X 251Pge Vijay and Sanjay are Partners sharing profit and losses equally from the following Trial Balance and adjustment. You are required to prepare a Trading and Profit and Loss Account for the year ended 31st March - 2014 and Balance Sheet as on that date Dr. Balance Drawings: Vijay Trial Balance (31" March 2014) Cr. Balance Rs. 5,000 Capital A/C: Vijay 4,000 45,000 Current A/c Vijay 22,800 Sanay 75,000 Sunary Creditors 38,200 Bank Overdraft 6,400 Sales 3.750 4,150 2,400 40,000 32,000 25,000 2.250 7,500 1,02.500 4,15,950 Rs. 70,000 60.000 4.750 3.800 52.500 17,250 2,07.650 Sanjay Sanjay Sundry Debtors Cash at Bank Land and Buildings Opening Stock Import Duty Audit Fees Wages Brokerage Motor Van Machinery 12% debentures Factor Rent Salaries Purchases 4,15.950 Adjustments (1) Sales includes. Sale of machinery of Rs. 2,000 machinery at 12.5% and Motor van 8% p.a. 3) 41,000 (4) Debentures Purchased on 1" Octob 1,500 and Audit Fees Rs. 1,250. (6) Vjay to get commission 4% on Gross Profit Interest on drawings is charged 4% pa Ans: Gross Profit 93.150, Net Proft 56. Sanjay 80, Sanjay's Commission hich is sold on 1st April 2013 (2) Depreciate on hand 31st March 2014 was valued at Rs 2013 (5) Outstanding expenses were : Salary Rs entided to get salary at Rs. 400 per month and Sanjay is nterest on partner's capital at 5% p.a. is allowed while 4, Bs total 2,73,350, Interest on Drawing : Vijay Rs. 100, Dep. on Machinery-3750. SHREEE COMNERRCE CLASSES al Accounts of Partnership Firm Book Keeping and Accountan
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