Trial Balance as on 31st March, 2005
Particulars
|
Debit (Rs.)
|
Credit (Rs.)
|
Sachin’s Capital
Ganguly’s capital
Sachin’s Drawing
Ganguly’s Drawing
Stock on 1 – 1 – 2004
Bills Receivable
Purchases
Sales
Bills Payable
Return In ward
Return Outward
Plant and Machinery
Loose Tools
Patents
Sundry Debtors
Sundry Creditors
Cash at Bank
Wages
Salaries
Rent and Taxes
Insurance
Printing and Stationery
Power and Fuel
|
4, 000
1, 000
2, 20, 000
5, 000
2, 95, 000
5, 000
1, 00, 000
24, 000
25, 000
1, 25, 000
77, 550
19, 000
17, 500
7, 950
3, 000
2, 000
3, 500
|
1, 00, 000
2, 30, 000
2, 00, 000
1, 60, 000
4, 500
2, 40, 000
|
9, 34, 500
|
9, 34, 500
|
Adjustment
1. Stock on 31st March, 2004 is valued at Rs.
30,000 but is market value is Rs. 35,000.
2. Depreciate plant and machinery @ 5% p.a. Patents by
20%.
3. Insurance were prepaid for Rs. 200.
4. Salaries outstanding amounted to Rs. 800.
5. Maintain Reserve for Doubtful debts at 10% of Sundry
debtors.
6. Goods worth Rs. 5000 were destroyed by fire and the
insurance company admitted a claim for Rs. 3000 only.
7. Sachin has withdrawn goods worth Rs. 500 for his own
use, but no entry is passed in the books.
ANSWER
GROSS LOSS -302500 | NET LOSS -358050 | BALANCE SHEET TOTAL | 450775 |
Solution:
In the books
of M/s Sachin and Ganguly
Trading
Account for the year ended 31.03.2014
|
Particulars
|
Amt.
|
Amt.
|
Particulars
|
Amt.
|
Amt.
|
|
To Opening Stock
|
|
220000
|
By Sales
|
200000
|
|
|
To Purchases
|
295000
|
|
(-) Return
|
(5000)
|
195000
|
|
(-) Return
|
(4500)
|
290500
|
By Goods withdrawn by Partner Sachin
|
|
500
|
|
To Wages
|
|
19000
|
By Goods destroyed by fire
|
|
5000
|
|
To Power and Fuel
|
|
3500
|
By Closing Stock
|
|
30000
|
|
|
|
|
By Gross Loss c/d
|
|
302500
|
|
|
|
527200
|
|
|
527200
|
Profit and Loss Account for the year
ended 31.03.2014
|
Particulars
|
Amt.
|
Amt.
|
Particulars
|
Amt.
|
Amt.
|
|
To Gross Loss b/d
|
|
302500
|
|
|
|
|
To Salaries
|
17500
|
|
|
|
|
|
(+) Outstanding
|
800
|
18300
|
|
|
|
|
To Rent and Taxes
|
|
7950
|
|
|
|
|
To Insurance
|
3000
|
|
|
|
|
|
(-) Prepaid
|
(200)
|
2800
|
|
|
|
|
To Printing & Stationery
|
|
2000
|
|
|
|
|
To Depreciation
|
|
|
|
|
|
|
Plant and Machinery
|
5000
|
|
|
|
|
|
Patents
|
5000
|
10000
|
|
|
|
|
To Bad debts
|
-
|
|
|
|
|
|
(+) FBD
|
-
|
|
|
|
|
|
(+) NRDD
|
12500
|
|
|
|
|
|
(-) ORDD
|
-
|
12500
|
|
|
|
|
To Goods lost on fire
|
|
2000
|
|
|
|
|
(5000 – 3000)
|
|
|
|
|
|
|
|
|
|
By Net Loss C/d
|
|
|
|
|
|
|
Sachin
|
179025
|
|
|
|
|
|
Ganguly
|
179025
|
358050
|
|
|
|
358050
|
|
|
358050
|
Partners Capital Account
|
Particulars
|
Sachin
|
Ganguly
|
Particulars
|
Sachin
|
Ganguly
|
|
To Drawings
|
4000
|
1000
|
By balance b/d
|
100000
|
230000
|
|
To Drawings
|
500
|
|
|
|
|
|
To Net Loss b/d
|
179025
|
179025
|
|
|
|
|
To Balance c/d
|
-
|
49975
|
By Balance c/d
|
83525
|
-
|
|
|
183525
|
230000
|
|
180000
|
150000
|
Balance Sheet as on 31.03.2014
|
Liability
|
Amt.
|
Amt.
|
Assets
|
Amt.
|
Amt.
|
|
Capital A/c
|
|
|
Bills Receivable
|
|
5000
|
|
Sachin
|
-
|
|
Plant and Machinery
|
100000
|
|
|
Ganguly
|
49975
|
49975
|
(-) Depreciation @5%
|
(5000)
|
95000
|
|
Bills Payable
|
|
160000
|
Loose tools
|
|
24000
|
|
Sundry Creditors
|
|
240000
|
Patents
|
25000
|
|
|
Outstanding Salaries
|
|
800
|
(-) Depreciation @20%
|
(5000)
|
20000
|
|
|
|
|
Sundry Debtors
|
125000
|
|
|
|
|
|
(-) NRDD @ 10%
|
(12500)
|
112500
|
|
|
|
|
Cash at bank
|
|
77550
|
|
|
|
|
Prepaid Insurance
|
|
200
|
|
|
|
|
Closing Stock
|
|
30000
|
|
|
|
|
Insurance Claim
|
|
3000
|
|
|
|
|
Sachin's Capital
|
|
83525
|
|
|
|
450775
|
|
|
450775
|
