Practical Problem 05
Solution :
In the books of Sucheta & Gayatri | |||||
Dr Trading and Profit and loss accounts for the year ended 31st March,2019 . Cr | |||||
Particular | ₹ | ₹ | Particular | ₹ | ₹ |
To Opening Stock | 18,700 | By Sales | 1,85,500 | ||
To Purchase | 65,000 | By Good distributed as free sample | 3,000 | ||
To Works manager salary | 2,300 | By Closing Stock | 19,700 | ||
To Wages & Salary | 4,000 | ||||
To Motive Power | 1,350 | ||||
Less: Deposit for meter | -500 | 850 | |||
To Custom Duty | 1,500 | ||||
To Gross Profit c/d | 1,15,850 | ||||
2,08,200 | 2,08,200 | ||||
By Gross Profit b/d | 1,15,850 | ||||
To Bad Debts | 2,000 | By Discount | 400 | ||
To New R.D.D | 1,485 | By Interest | 1,300 | ||
To Unproductive Wages | 3,000 | ||||
To Audit Fees | 2,500 | ||||
To Rent | 1,800 | ||||
To Conveyance | 2,000 | ||||
To advertisement | 3,000 | ||||
To Depreciation on Building | 4,400 | ||||
To Net Profit c/d | |||||
Sucheta Capital A/c | 58,419 | ||||
Gayatri Capital A/c | 38,946 | 97,365 | |||
1,17,550 | 1,17,550 | ||||
Dr Partners Capital A/c Cr | |||||
Particular | Sucheta | Gayatri | Particular | Sucheta | Gayatri |
By Bal b/d | 75,000 | 40,000 | |||
By Net Profit | 58,419 | 38,946 | |||
To balance c/d | 1,33,419 | 78,946 | |||
1,33,419 | 78,946 | 1,33,419 | 78,946 | ||
Balance Sheet as on 31st March 2019. | |||||
Liabilities | ₹ | ₹ | Asset | ₹ | ₹ |
Capital A/c | Buiding | 88,000 | |||
Sucheta | 1,33,419 | Less: Depreciation | -4,400 | 83,600 | |
Gayatri | 78,946 | 2,12,365 | Goodwill | 25,000 | |
Copy right | 20,000 | ||||
Sundry Creditor | 35,000 | Investment | 40,000 | ||
Bills Payable | 27,300 | Sundry Debtor | 47,500 | ||
Sucheta Loan A/c | 6,150 | Add: Dishonored Bill | 4,000 | ||
51,500 | |||||
Less: Bad Debts | -2,000 | ||||
49,500 | |||||
Less: R.D.D @ 3% | -1,485 | 48,015 | |||
Bill Receivable | 22,000 | ||||
Less: Bill Dishonored | -4,000 | 18,000 | |||
Cash at Bank | 26,000 | ||||
Deposit for meter | 500 | ||||
Closing Stock | 19,700 | ||||
2,80,815 | 2,80,815 | ||||