Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Advertisement
Advertisement
Advertisement
Advertisement
Question 8 Chapter 2 - Unimax Class 12 Part 1
8. A and B are partners sharing Profits in ratio of 3 : 2. The under mentioned Trial balance was extracted from their books on 31st March, 2021.
| Particulars | Dr. Balance | Cr. Balance |
|---|---|---|
| A’s Capital | 350000 | |
| B’s Capital | 250000 | |
| A’s Drawing | 40000 | |
| B’s Drawing | 25000 | |
| Opening Stock (as on 1st April, 2020) | 60000 | |
| Returns | 6000 | 10000 |
| Debtors and Creditors | 120000 | 210000 |
| Building | 400000 | |
| Furniture | 40000 | |
| Cash in Hand | 60000 | |
| Bank overdraft | 2000 | |
| 64000 | ||
| Rent | 24000 | |
| Advertising expenditure | 13000 | |
| Travelling expenses | 15000 | |
| Telephone Charges | 17000 | |
| Carriage Inwards | 23700 | |
| Carriage Outwards | 14300 | |
| Commission | 20000 | |
| Bills Receivable | 20000 | |
| Motor Van | 1000000 | |
| Purchases and Sales | 1000000 | 1200000 |
| 2042000 | 2042000 |
You are required to prepare the Profit and Loss Account and Profit and Loss Appropriation Account for the year ended 31st March, 2021 and a Balance Sheet as on that date. The following adjustments are to be made :
(i) The value of stock on 31st March, 2021 was Rs. 82000.
(ii) Create a provision of 5% on debtors for doubtful debts.
(iii) Charge depreciation on Furniture at 15%, on Building at 2% and on Motor Van at 5%.
(iv) Provide for outstanding rent Rs. 2400 and outstanding telephone bill Rs. 2800.
(v) Partners are entitled to interest on Capital @ 5% per annum.
Trading And Profit & Loss Account For the year ended March 31, 2021.
| Particulars | Rs. | Particulars | Rs. | ||
|---|---|---|---|---|---|
| To Opening Stock | 60000 | By Sale | 1200000 | ||
| To Purchases | 1000000 | Less Return | 6000 | 1194000 | |
| Less Returns | 10000 | 990000 | By Closing Stock | 82000 | |
| To Carriage inward | 23700 | ||||
| To Gross Profit c/d | 202300 | ||||
| 1276000 | 1276000 | ||||
| To Depreciation | By Gross Profit b/d | 202300 | |||
| - Furniture | 6000 | By Commission | 20000 | ||
| - Building | 8000 | ||||
| - Motor Van | 5000 | 19000 | |||
| To Provision for bad debts | 6000 | ||||
| To Rent | 24000 | ||||
| Add Outstanding | 2400 | 26400 | |||
| To Telephone Bills | 17000 | ||||
| Add Outstanding | 2800 | 19800 | |||
| To Salary | 64000 | ||||
| To Advertisement | 13000 | ||||
| To Travelling expense | 15000 | ||||
| To Carriage Outward | 14300 | ||||
| To Net Profit | |||||
| - A | 26880 | ||||
| - B | 17920 | 44800 | |||
| 222300 | 222300 |
Profit & Loss Appropriation Account For the year ended March 31, 2021.
| Particulars | Rs. | Particulars | Rs. | |
|---|---|---|---|---|
| To Interest on Capital | By Net Profit | 44800 | ||
| - A | 17500 | |||
| - B | 12500 | 30000 | ||
| To Share of Profit | ||||
| - A (3/5) | 8880 | |||
| - B (2/5) | 5920 | 14800 | ||
| 44800 | 44800 |
Balance Shee As on 31.3.2021
| Liabilities | Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Creditors | 210000 | Building | 400000 | ||
| Bank Overdraft | 2000 | Less Dep. | 8000 | 392,000 | |
| Outstanding Rent | 2400 | Furniture | 40,000 | ||
| Outstanding Bills | 2800 | Less Dep. | 6,000 | 34000 | |
| A’s Capital | 3,50000 | Motor Van | 1000000 | ||
| Add Interest | 17500 | Less: Depreciation | 5000 | 95000 | |
| Add Net Profit | 8880 | Cash in hand | 60000 | ||
| Less Drawings | 40,000 | 336380 | Bills receivable | 20000 | |
| B’s Capital | 250000 | Debtors | 120000 | ||
| Add Interest | 12500 | Less Provision | 6000 | 114000 | |
| Add Net Profit | 5920 | Stock | 82000 | ||
| Less Drawings | 25000 | 243420 | |||
| 797000 | 797000 |
https://tutorstips.com/not-for-profit-organisations/
T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "Question 8 Chapter 2 - Unimax Class 12 Part 1 - 2021", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Textbook Solution.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question 8 Chapter 2 - Unimax Class 12 Part 1 - 2021" instantly.