Practical Problem 10
Solution:
In the books of Kshipra and Manisha | |||||
Dr Trading and Profit and loss accounts for the year ended 31st March,2019 . Cr | |||||
Particular | Rs | Rs | Particular | Rs | Rs |
To Opening Stock | 17,800 | By Sales | 1,20,000 | ||
To Purchase | 55,000 | Less: Sales Return | -500 | ||
Less: Return | -1000 | 54,000 | 1,19,500 | ||
To Wages | 800 | Less: Sales of Machinery | -2,000 | 1,17,500 | |
Add: Outstanding Wages | 200 | 1000 | |||
To Gross Profit c/d | 81,700 | By Closing Stock | 37,000 | ||
1,54,500 | 1,54,500 | ||||
To Salaries | 3,500 | By Gross Profit b/d | 81,700 | ||
Add: Outstanding Salaries | 500 | 4,000 | By Rent | 1,800 | |
To Discount | 800 | By Discount | 500 | ||
To Carriage Outward | 1,000 | ||||
To Postage | 500 | ||||
To Insurance | 2,000 | ||||
To Trade Expenses | 1,500 | ||||
To Warehouse Rent | 2,500 | ||||
To Advertisement | 1,000 | ||||
To Depreciation | |||||
Furniture | 1,925 | ||||
Plant | 2,900 | ||||
Building | 1,000 | 5,825 | |||
To Commission to Partner | |||||
Kshipra | 817 | ||||
Manisha | 817 | 1,634 | |||
To Interest on Capital | |||||
Kshipra | 4,500 | ||||
Manisha | 1,500 | 6,000 | |||
To New R.D.D | 840 | ||||
To Net Profit: | |||||
Kshipra | 42,301 | ||||
Manisha | 14,100 | 56,401 | |||
84,000 | 84,000 | ||||
Dr Partners Current A/c Cr | |||||
Particular | Rs | Rs | Particular | Rs | Rs |
By Balance b/d | 5,000 | 3,000 | |||
By Comm to Partner | 817 | 817 | |||
By Interest on Capital | 4,500 | 1,500 | |||
To Balance c/d | 52,618 | 19,417 | By Net Profit | 42,301 | 14,100 |
52,618 | 19,417 | 52,618 | 19,417 | ||
Balance Sheet as on 31st March,2019 . | |||||
Liabilities | Rs | Rs | Asset | Rs | Rs |
Capital A/c | Furniture | 38,500 | |||
Kshipra | 90,000 | Less: Depreciation | -1925 | 36,575 | |
Manisha | 30,000 | 1,20,000 | Plant and Machinery | 60,000 | |
Current A/c | Less: Sales of Machinery | -2,000 | |||
Kshipra | 52,618 | 58,000 | |||
Manisha | 19,417 | 72,035 | Less: Depreciation | -2,900 | 55,100 |
Sundry Creditor | 38,500 | Building | 20,000 | ||
Bills Payable | 9,000 | Less: Depreciation | -1000 | 19,000 | |
Outstanding Wages | 200 | Sundry Debtor | 28,000 | ||
Outstanding Salaries | 500 | Less: New R.D.D | -840 | 27,160 | |
Bills Receivable | 14,400 | ||||
Cash in hand | 4,000 | ||||
Cash at Bank | 47,000 | ||||
Closing Stock | 37,000 | ||||
2,40,235 | 2,40,235 | ||||