Download - Book keeping for std 12 commerce
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Capital and drawings:DevanHemang
9000
8000
45,000
25,000
1000
1000
7000
70,000
200
200
18,250
1750
6000
Debtors and creditors
Stock (1-04-2004)
Goods return
Cash and Bank
Bills
Purchase and sales
Discount
Bad debts and bad debits reserve
Machines
Depreciation on machines
Furniture
Name of Account L/FNo.
Debit Rs.
Credit Rs.
40000
35000
35,000
-
1500
4000
8000
1,30,000
150
650
-
-
-
Illustration 1: Devan and Hemang are partners of a Partnership firm sharing a
profit in the proportion of 3:2. From the under noted trial balance and
adjustments as on 31-03-2005, prepare the final accounts of the firm.
Trial Balance of Deven and Hemang as on 31-03-2005
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Name of Account L/FNo.
Debit Rs.
Credit Rs.
750-
7000--
36,000
12505000
300100400
12,000
15,000
100
Sundry expensesLeasehold building ( from 1-10-2002 for 5 years)Liability for unpaid wages8 % Tanvee’s loan (from 1-11-2004)GoodwillTrading expensesRent & taxesCarriage inwardBank interestInsurance PremiumSalaryWagesPrepaid insurance
2,70,300 2,70,300
---
100015000
---------
Adjustments : (1) The value of closing stock is Rs. 55,000, the market value is 10 % more.(2) Partners are allowed 6 % annual interest on the capital and the interest on
drawings is charged in the same way : Devan Rs. 400, Hemang Rs 350.(3) Provide depreciation on machines @ 10 %, on furniture @ 5 %.(4) Provide 5 % bad debts reserve on debtors.(5) Outstanding Expenses : Salary Rs 400, Sundry expenses Rs 75, and Rent
Rs 150.
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Particulars ParticularsDate DevenRs
HemangRs
DateDeven
RsHemang
Rs
Partners’ Capital AccountDr Cr
31-03-05 To drawing a/c 9000 8000
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Particulars ParticularsDate DevenRs
HemangRs
DateDeven
RsHemang
Rs
Partners’ Capital AccountDr Cr
31-03-05 To drawing a/c 9000 8000 1-4-04 By balance b/d 40,000 35,000
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Libilities Amount Rs.
Assets Amount Rs.
Balance Sheet
Debtors 45,000
Creditors 35,000
As on 31-03-2005 of Partnership Firm Of Deven And Hemang
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ParticularsAmount
Rs. ParticularsAmount
Rs.
Trading Account
To Opening stock 25,000
Dr CrTrading Amount for the year ended on 31-03-2005 of partnership firm
of Deven and Hemang
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ParticularsAmount
Rs. ParticularsAmount
Rs.
Trading Account
To Opening stock 25,000
Dr Cr
- Sales return 1000By Sales
To Purchase- Purchase return 1500
Trading Amount for the year ended on 31-03-2005 of partnership firm of Deven and Hemang
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Libilities Amount Rs.
Assets Amount Rs.
Balance Sheet
Debtors 45,000Creditors 35,000
Bank overdraft 4000
Cash balance 1000
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Libilities Amount Rs.
Assets Amount Rs.
Balance Sheet
Debtors 45,000Creditors 35,000
Bill receivable 7000
Bill payable 8000
Bank overdraft 4000
Cash balance 1000
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ParticularsAmount
Rs. ParticularsAmount
Rs.
Trading Account
To Opening stock 25,000
Dr Cr
- Sales return 1000
By Sales
To Purchase
- Purchase return 1500
70,000
1,30,000
68,500
1,29,000
Trading Amount for the year ended on 31-03-2005 of partnership firm of Deven and Hemang
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Particulars Amount Rs.
Particulars Amount Rs.
Profit & Loss Account
Dr Cr
Discount (allowed)
Sales & Distribution Exp:
200 Discount (received) 150
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Particulars Amount Rs.
Particulars Amount Rs.
Profit & Loss Account
Dr Cr
Discount (allowed)
Sales & Distribution Exp:
200 Discount (received) 150
Other expense
B.D. (Trial balance)
+B.D. (adjustment)
+B.D.R (adjustment)
- B.D.R (Trial balance)
200
650
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Libilities Amount Rs.
Assets Amount Rs.
Balance Sheet
Debtors 45,000Creditors 35,000
Bill receivable 7000
Bill payable 8000
Fixed Assets :
Machine 18,750
+ Depreciation 1750
20,000
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Libilities Amount Rs.
Assets Amount Rs.
Balance Sheet
Debtors 45,000Creditors 35,000
Bill receivable 7000
Bill payable 8000
Fixed Assets :
Machine 18,750
+ Depreciation 1750
20,000
Furniture 6000
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Particulars Amount Rs.
Particulars Amount Rs.
Profit & Loss Account
Dr Cr
Discount (allowed)
Sales & Distribution Exp:
200 Discount (received) 150
Other expense
B.D. (Trial balance)+B.D. (adjustment)+B.D.R (adjustment)- B.D.R (Trial balance)
200
650
Administrative Exp :
Sundry Exp. 750
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Libilities Amount Rs.
Assets Amount Rs.
Balance Sheet
Debtors 45,000Creditors 35,000
Bill receivable 7000
Bill payable 8000
Fixed Assets :
Machine 18,750
+ Depreciation 1750
20,000
Furniture 6000
Lease hold building 700
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Libilities Amount Rs.
Assets Amount Rs.
Balance Sheet
Debtors 45,000Creditors 35,000
Bill receivable 7000
Bill payable 8000
Fixed Assets :
Machine 18,750
+ Depreciation 1750
20,000
Furniture 6000
Lease hold building 700
o/s wages 1000
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Libilities Amount Rs.
Assets Amount Rs.
Balance Sheet
Debtors 45,000Creditors 35,000
Bill receivable 7000
Bill payable 8000
Fixed Assets :
Machine 18,750
+ Depreciation 1750
20,000
Furniture 6000
Lease hold building 700
o/s wages 1000
8 % Tanvee Loan
Liabilities
15,000
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Libilities Amount Rs.
Assets Amount Rs.
Balance Sheet
Debtors 45,000Creditors 35,000
Bill receivable 7000
Bill payable 8000
Fixed Assets :
Machine 18,750
+ Depreciation 1750
20,000
Furniture 6000
Lease hold building 700
o/s wages 1000
8 % Tanvee Loan
Liabilities
15,000
Good will 36,000
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Particulars Amount Rs.
Particulars Amount Rs.
Profit & Loss Account
Dr Cr
Discount (allowed)
Sales & Distribution Exp:
200 Discount (received) 150
Other expense
B.D. (Trial balance)+B.D. (adjustment)+B.D.R (adjustment)- B.D.R (Trial balance)
200
650
Administrative Exp :
Sundry Exp. 750
Trading Exp: 1250
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Particulars Amount Rs.
Particulars Amount Rs.
Profit & Loss Account
Dr Cr
Discount (allowed)
Sales & Distribution Exp:
200 Discount (received) 150
Other expense
B.D. (Trial balance)+B.D. (adjustment)+B.D.R (adjustment)- B.D.R (Trial balance)
200
650
Administrative Exp :
Sundry Exp. 750
Trading Exp: 1250
Rent & Taxes 5000
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ParticularsAmount
Rs. ParticularsAmount
Rs.
Trading Account
To Opening stock 25,000
Dr Cr
- Sales return 1000
By Sales
To Purchase
- Purchase return 1500
70,000
1,30,000
68,500
1,29,000
Carriage inward 300
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Particulars Amount Rs.
Particulars Amount Rs.
Profit & Loss Account
Dr Cr
Discount (allowed)
Sales & Distribution Exp:
200 Discount (received) 150
Other expense
B.D. (Trial balance)+B.D. (adjustment)+B.D.R (adjustment)- B.D.R (Trial balance)
200
650
Administrative Exp :
Sundry Exp. 750
Trading Exp: 1250
Rent & Taxes 5000
Bank interestFinancial Exp :
100
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Particulars Amount Rs.
Particulars Amount Rs.
Profit & Loss Account
Dr Cr
Discount (allowed)
Sales & Distribution Exp:
200 Discount (received) 150
Other expense
B.D. (Trial balance)+B.D. (adjustment)+B.D.R (adjustment)- B.D.R (Trial balance)
200
650
Administrative Exp :
Sundry Exp. 750
Trading Exp: 1250
Rent & Taxes 5000
Bank interestFinancial Exp :
100
Insurance Premium 400
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Particulars Amount Rs.
Particulars Amount Rs.
Profit & Loss Account
Dr Cr
Discount (allowed)Sales & Distribution Exp:
200Discount (received) 150
Other expense
B.D. (Trial balance)+B.D. (adjustment)+B.D.R (adjustment)- B.D.R (Trial balance)
200
650
Administrative Exp :Sundry Exp. 750
Trading Exp: 1250
Rent & Taxes 5000
Bank interestFinancial Exp :
100
Insurance Premium 400Salary 12,000
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ParticularsAmount
Rs. ParticularsAmount
Rs.
Trading Account
To Opening stock 25,000
Dr Cr
- Sales return 1000
By Sales
To Purchase
- Purchase return 1500
70,000
1,30,000
68,500
1,29,000
Carriage inward 300
Wages 15,000
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Libilities Amount Rs.
Assets Amount Rs.
Balance Sheet
Debtors 45,000Creditors 35,000
Bill receivable 7000
Bill payable 8000
Fixed Assets :
Machine 18,750
+ Depreciation 1750
20,000
Furniture 6000
Lease hold building 700
o/s wages 1000
8 % Tanvee Loan
Liabilities
15,000
Good will 36,000
Prepaid Insurance 100
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Particulars ParticularsDate DevenRs
HemangRs
DateDeven
RsHemang
Rs
Partners’ Capital AccountDr Cr
31-03-05 To drawing a/c 9000 800031-03-05 To interest on
drawing a/c400 350
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Particulars ParticularsDate DevenRs
HemangRs
DateDeven
RsHemang
Rs
Partners’ Capital AccountDr Cr
31-03-05 To drawing a/c 9000 800031-03-05 To interest on
drawing a/c400 350
31-03-05 To Balance C/D 59,805 46,620
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ParticularsAmount
Rs. ParticularsAmount
Rs.
Profit & Loss Appropriations AccountDr Cr
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Debtors 45,000
Creditors 35,000
Opening stock 25,000
- Sales return 1000
Bill receivable 7000
Bill payable 8000
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ParticularsAmount
Rs.Particulars
Amount Rs.
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ParticularsAmount
Rs.Particulars
Amount Rs.
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ParticularsAmount
Rs.Particulars
Amount Rs.
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Adjustments : (1) The value of closing stock is Rs. 55,000, the market value is 10 % more.(2) Partners are allowed 6 % annual interest on the capital and the interest on
drawings is charged in the same way : Devan Rs. 400, Hemang Rs 350.(3) Provide depreciation on machines @ 10 %, on furniture @ 5 %.(4) Provide 5 % bad debts reserve on debtors.(5) Outstanding Expenses : Salary Rs 400, Sundry expenses Rs 75, and Rent
Rs 150.
Adjustments : (1) The value of closing stock is Rs. 55,000, the market value is 10 % more.(2) Partners are allowed 6 % annual interest on the capital and the interest on
drawings is charged in the same way : Devan Rs. 400, Hemang Rs 350.(3) Provide depreciation on machines @ 10 %, on furniture @ 5 %.(4) Provide 5 % bad debts reserve on debtors.(5) Outstanding Expenses : Salary Rs 400, Sundry expenses Rs 75, and Rent
Rs 150.
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ParticularsAmount
Rs.Particulars
Amount Rs. Particulars
Amount Rs.
ParticularsAmount
Rs.
Capital -Liabilities
Amount Rs.
Assets - Debts
Amount Rs. Particulars
Amount Rs. Particulars
Amount Rs.
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Capital and drawings:DevanHemang
9000
8000
45,000
25,000
1000
1000
7000
70,000
200
200
18,250
1750
6000
Debtors and creditors
Stock (1-04-2004)
Goods return
Cash and Bank
Bills
Purchase and sales
Discount
Bad debts and bad debits reserve
Machines
Depreciation on machines
Furniture
40000
35000
35,000
-
1500
4000
8000
1,30,000
150
650
-
-
-
Name of Account L/FNo.
Debit Rs.
Credit Rs.
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Partners’ Capital Account
31-03-05 To drawing a/c 9000 8000
31-03-05
31-03-05
To interest on drawing a/c
400 350
To Balance C/D 59,805 46,620
1-4-04 By balance b/d 40,000 35,000
31-3-05 By interest on capital 2400 2100
31-3-05 By profit and loss app a/c (share in divisible profit)
26,805 17,870
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Particulars ParticularsDateDeven
RsHemang
Rs DateDeven
RsHemang
Rs
Partners’ Capital AccountDr Cr
31-03-05 To drawing a/c 9000 800031-03-05 To interest on
drawing a/c400 350
31-03-05 To Balance C/D 59,805 46,620
1-4-04 By balance b/d 40,000 35,00031-3-05 By interest on
capital 2400 2100
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Particulars ParticularsDateDeven
RsHemang
Rs DateDeven
RsHemang
Rs
Partners’ Capital AccountDr Cr
31-03-05 To drawing a/c 9000 800031-03-05 To interest on
drawing a/c400 350
31-03-05 To Balance C/D 59,805 46,620
1-4-04 By balance b/d 40,000 35,00031-3-05 By interest on
capital 2400 2100
31-3-05 By profit and loss app a/c (share in divisible profit) 26,805 17,870
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Particulars ParticularsDate DevenRs
HemangRs
DateDeven
RsHemang
Rs1-4-04
Partners’ Capital AccountDr Cr
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Libilities Amount Rs.
Assets Amount Rs.
Balance Sheet
Debtors 45,000Creditors 35,000
Bill receivable 7000
Bill payable 8000