Prepare:-Account, (Oct. alisationAns: - Loss onAVe Total- 12,000/-10,880; BankBalance Sheet as on 31st March 2010Amount Assets9,000 Bank2,500 StockLiabilitiesCreditorsBills PayableCapital A/c's:KantaShantaCurrent A/c's:KantaShantaAmount5.5005,50025,00010,0003,500Buildings20,000 Plant15,000 Debtors1,8001,20049,50049,500Std. XII - Book Keeping and AccountancyPage: 9VACCOUNT BOOK 5 y and Sanjay are Partners sharing profit and losses equally from the following Triai Balanceand adjustment. You are required to prepare a Trading and Profit and Loss Account for the yearended 31st March- 2014 and Balance Sheet as on that date3.727,oks ofTrial Balance (31" March 2014)Cr. BalanceDr. BalanceDrawings: VijayRs.70,00060,0004.7503.80052.50017,2502.07.650Rs.5,000 Capital A/c: Vijay4,00045,000 Current A/c Vijay22.800 Sanjay75,000 Sungry Creditors38,200 Bank Overdraft6,400 Saies3,7504.1502,40040,00032,00025,0002.2502.5001.02.5004.15.950SanjaySanjaySundry DebtorsCash at BankLand and BulldingsOpening StockImport DutyAudit FeesWagesBrokerageMotor VanMachinery12% debenturesFactor RentSalariesPurchases4.15.950Adjustments(1) Sales includes, Sale of machinery ofr Rs. 2,000 which is sold on 1st April 2013 (2) Depreclatemachinery at 12.5% and Motor van 8% p.a. (3) Steck on hand 31st March 2014 was valued at Rs.41,000 (4) Debentures Purchased on 1 October 2013 (5) Outstanding expenses were : Salary Rs.1,500 and Audit Fees Rs. 1.250. (6) Vijays.enticied to get salary at Rs. 400 per month and Sanjay isto get commission 4% on Gross Proft (7 Tecerest on partners capital at 5% p.a. is allowed whileinterest on drawings is charged 4% pERCE CLASSESpaidre atreate54 86 tota 2.73.350, Interest on Drawing:Vijay Rs. 100,

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Ans: - Loss on 27) Kanta Balance Sheet as on 31st March 2010 Liabilities Creditors 8ills Payable Capital A/c's: Amount ASsets 9,000 Bank 2,500 Stock Amount 5.500 5,500 25,000 Buildings 20,000 Plant Kanta 15,000 Debtors Shanta Current A/c's: Kanta Shanta 10,000 3,500 1,800 1,200 49,500 49,500 aping and Accountancy Page: 9

Ans: - Loss on 27) Kanta Balance Sheet as on 31st March 2010 Liabilities Creditors 8ills Payable Capital A/c's: Amount ASsets 9,000 Bank 2,500 Stock Amount 5.500 5,500 25,000 Buildings 20,000 Plant Kanta 15,000 Debtors Shanta Current A/c's: Kanta Shanta 10,000 3,500 1,800 1,200 49,500 49,500 aping and Accountancy Page: 9

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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