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