1.
Ajay and Vijay are partners sharing profits and losses equally.
|
Particulars
|
Debit
|
Particulars
|
Credit
|
|
Opening Stock
|
15000
|
Capital Account
|
|
|
Purchases
|
45700
|
Ajay
|
40000
|
|
Wages
|
9900
|
Vijay
|
25000
|
|
Investments
|
3500
|
Bills Payable
|
6000
|
|
Carriage Outward
|
4600
|
Outstanding Salaries
|
1700
|
|
Printing and Stationery
|
3400
|
Sales
|
79800
|
|
Insurance
|
750
|
creditors
|
2000
|
|
salaries
|
10000
|
Bank Overdraft
|
3000
|
|
Postage and Telegram
|
700
|
|
|
|
Machinery
|
16800
|
|
|
|
Furniture
|
6400
|
|
|
|
Debtors
|
25000
|
|
|
|
Bills Receivable
|
4000
|
|
|
|
Cash at Bank
|
6000
|
|
|
|
Advertisement
|
1000
|
|
|
|
Bad debts
|
250
|
|
|
|
Carriage Inward
|
4500
|
|
|
i. Closing Stock was valued at Rs. 40,
200.
ii. Goods of Rs. 4000 were burnt by fire
and Insurance company admitted the claim of Rs. 3200.
iii. Prepaid Insurance was Rs. 200.
v. Depreciate Machinery by 10% and
Furniture bby 15%.
vi. Outstanding wages were Rs. 2100.
2.
From the following trial balance of Radhika and Sarika, for the year ended 31st
March, 2004.
|
Particulars
|
Debit
|
Particulars
|
Credit
|
|
Patents
|
12000
|
Capital
|
|
|
Goodwill
|
25000
|
Radhika
|
180000
|
|
Plant and Machinery
|
85000
|
Sarika
|
120000
|
|
Carriage
|
6000
|
Bank Loan
|
30000
|
|
General Expenses
|
10000
|
Sundry Creditors
|
18000
|
|
Electricity and Lighting
|
5000
|
Discount
|
5000
|
|
Bills Receivable
|
5000
|
commission
|
6000
|
|
Sundry Debtors
|
65000
|
general reserve
|
15000
|
|
Trade Expenses
|
3000
|
Reserve for Bad and Doubtful debts
|
7500
|
|
Advertisement
|
1250
|
Reserve for Discount of Debtors
|
2500
|
|
Furniture
|
10750
|
Outstanding Rent
|
4200
|
|
Wages
|
12000
|
Sales
|
150000
|
|
Salaries
|
7500
|
Returns
|
1550
|
|
Purchases
|
97500
|
Bills Payable
|
6000
|
|
Stock
|
68000
|
|
|
|
Cash in Hand
|
32000
|
|
|
|
Discount
|
3500
|
|
|
|
Land and Building
|
90000
|
|
|
|
Printing and Stationery
|
6000
|
|
|
|
Interest on Bank Loan
|
1250
|
|
|
Market value of stock is Rs. 50,000. Cost price is Rs.
60000.
Depreciate furniture by 10%, plant and Machinery by
15%, Land and Building by 20%.
Electricity and lighting includes Rs. 1000 paid for
deposit to Electricity Company.
Goods worth Rs. 5000 were purchased on 28th
March 2004, but, invoice was omitted to be entered in the books.
Outstanding wages Rs. 2,000 and advance paid against
salaries Rs. 2500.
Partners share profit and losses in the ratio of their
opening capital balance.
3.
From the following Trial
Balance of Tom and Jerry, year ended 31st
December, 2004.
|
Particulars
|
Debit (Rs.)
|
Credit (Rs.)
|
|
Tom’s
Capital
Jerry’s
capital
Tom’s
Drawing
Jerry’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
|
14,
500
10,
000
2,
00, 000
25,
000
2,
75, 000
5,
000
1,
00, 000
25,
000
25,
000
1,
25, 000
77,
550
19,
000
17,
500
7,
500
3,
000
2,
000
3,
500
|
2,
80, 000
50,
000
4,
00, 000
60,
000
4,
500
1,
40, 050
|
Adjustments:
1.
Stock as on 31st December, 1978 Rs. 1,
30,000 and its market value were Rs. 1, 40,000.
2.
Write off Rs. 1000 for bad & Provide for Bad and
Doubtful debts at 5% on Sundry Debtors.
3.
Goods worth Rs. 1000 were distributed as free samples.
4.
Prepaid Insurance Rs. 750.
5.
Depreciate Plant and Machinery by 10% p.a. and Patent
by 15% p.a.
6.
Outstanding Salaries Rs. 2,500
7.
Uninsured goods worth Rs 1200 were lost by fire.
4.
Dolu and Bolu are partners sharing profits and losses in the ratio of 2 : 1.
For 31.12.2004
|
Particulars
|
Debit (Rs.)
|
Credit (Rs.)
|
|
Stock
(1st January)
Sundry
Debtors
Bills
payable
Purchases
Wages
Returns
Outward
Salaries
Office
Expenses
Insurance
Plant
& Machinery
Sundry
Creditors
Rent
Sales
Reserve
for Doubtful Debts
Travelling
Expenses
Returns
Inward
Land
and Building
Bills
Receivable
Bank
Dolu’s
capital
Bolu’s
capital
|
10,
000
25,
000
40,
000
8,
500
2,
700
2,
446
1,
300
30,
000
1,
800
1,
400
3,
500
44,
800
3, 400
6,
655
|
10,
101
2,
500
21,
500
57,
000
400
60,
000
30,
000
|
Closing
stock was valued at Rs. 26,500.
Provide
10% Depreciation on Plant and Machinery.
Goods
worth Rs. 1000 were distributed as free samples.
Prepaid
Insurance Rs. 300.
Maintain
Reserve for Doubtful debts at 10% of Sundry debtors.
Outstanding
rent for the current year Rs. 200.
Goods
worth Rs. 100 were taken over by Bolu for his personal use, but no entry is
made in the books.
5.
Arya and Vikram are in a Partnership firm. 31st December, 2004 was
as follows.
|
Particulars
|
Debit (Rs.)
|
Credit (Rs.)
|
|
Capitals:
Arya
Vikram
Drawings:
Arya
Vikram
Buildings
Plant
and Machinery
Cash
at bank
Purchases
and Sales
Returns
Carriage
Opening
stock
Wages
Debtors
& Creditors
Salaries
Rent
and Insurances
Postage
and Telegrams
Bad
Debts
Discounts
Reserve
for Bad Debts
Outstanding
Salaries
Trade
Expenses
|
500
200
20,
000
6,
000
600
47,
500
1,
500
350
11,
000
6,
000
17,
600
2,
500
400
200
250
100
300
|
12,
000
13,
000
75,
500
1,
000
12,
600
50
750
100
|
Partners
share Profits and Losses in the ratio of their capitals.
Write
off Rs. 450 for Bad debts & Reserve for Bad and Doubtful Debts is to be
maintained at 5% on the Debtors.
Goods
worth Rs. 1, 000 were destroyed by fire and the insurance company admitted a
claim for Rs. 800.
Stock
as on 31st December, 2004 was valued at Rs. 8, 000.
Goods
worth Rs. 1000 were distributed as free samples.
Wages
outstanding Rs. 1000.
6. Trial Balance of Sharukh and
Salman sharing profits and losses equally. 31.3.1996.
|
Particulars(Debit)
|
Amount
|
Particulars(Credit)
|
Amount
|
|
Stock (1-4-1995)
Purchases
Returns Inwards
Carriage
Motive Power
Wages
Trade Expenses
Sundry Debtors
Salaries
Insurance
Postage
Commission
Plant & Machinery
Furniture
Advertising
Office Rent (10 months)
Drawings
Sharukh
Salman
Building
Cash in Hand
|
50000
170000
10000
4000
6000
56000
4000
72000
38000
2400
3600
5000
60000
16000
8000
10000
14000
6000
24000
3000
|
Capital A/c
Sharukh
Salman
Sales
Creditors
Commission
Bank Loan
|
80000
80000
326000
40000
4000
32000
|
Adjustments
Stock
on 31.3.1996 was valued at cost price Rs. 80,000 and market price Rs. 72,000.
Insurance
has been paid for one year ending 30.6.1996.
Goods
withdrawn by Sharukh amounting to Rs. 10,000 during the year were not recorded
in the books.
Bad
debts were Rs. 2000 and an R.D.D. is to be created at 5% on debtors.
Goods
of Rs. 6000 were purchased on 30.3.1996 and also included in the closing stock,
but the purchase was not recorded in the books of account.
