Practical Problem 08
Solution :
In the books of Nana and Nani | |||||
Dr Trading and Profit and loss accounts for the year ended 31st March….. Cr | |||||
Particular | ₹ | ₹ | Particular | ₹ | ₹ |
To Insurance | 15,000 | By Gross Profit b/d | 34,500 | ||
Less: Prepaid Insurance | -3,000 | 12,000 | By Interest | 1,500 | |
To New Bad Debts | 1,000 | ||||
To New R.D.D | 1,250 | ||||
To Salaries | 5,000 | ||||
To Export Duty | 2,500 | ||||
To Interest | 1,000 | ||||
To Depreciation: | |||||
Land & Building | 4,500 | ||||
Furniture | 2,000 | 6,500 | |||
To Interest on Loan | 1,500 | ||||
To Net Profit C/d | |||||
Nana Capital A/c | 2,625 | ||||
Nani Capital A/c | 2,625 | 5,250 | |||
36,000 | 36,000 | ||||
Dr Partners Capital A/c Cr | |||||
Particular | NANA | NANI | Particular | NANA | NANI |
By Balance b/d | 50,000 | 50,000 | |||
To Bal c/d | 52,625 | 52,625 | By Net Profit | 2,625 | 2,625 |
52,625 | 52,625 | 52,625 | 52,625 | ||
Balance Sheet as on 31st March,2019 | |||||
Liabilities | ₹ | ₹ | Asset | ₹ | ₹ |
Capital A/c | Land & Building | 50,000 | |||
Nana | 52,625 | Less: Depreciation @ 10% | -4,500 | 45,500 | |
Nani | 52,625 | 1,05,250 | Furniture | 40,000 | |
Less: Depreciation @ 5% | -2,000 | 38,000 | |||
10% Bank Loan | 30,000 | Sundry Debtors | 26,000 | ||
Add: O/s interest | 1,500 | 31,500 | Less: New Bad Debts | -1,000 | |
Bills Payable | 8,000 | 25,000 | |||
Less: New R.D.D @ 5% | -1,250 | 23,750 | |||
Prepaid Insurance | 3,000 | ||||
Closing Stock | 34,500 | ||||
1,44,750 | 1,44,750 | ||||