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Q4 Partnership Final Accs Questions

The document provides a trial balance for a partnership firm with three partners - Reena, Meena and Teena. It includes assets, liabilities, capital accounts and various expense/income accounts. There are also adjustments that need to be made including closing stock valuation, interest calculations, bad debts, depreciation, insurance claim and outstanding expenses. The final accounts need to be prepared from this trial balance and additional information for the year ended March 31, 2019.

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Isha Katiyar
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103 views4 pages

Q4 Partnership Final Accs Questions

The document provides a trial balance for a partnership firm with three partners - Reena, Meena and Teena. It includes assets, liabilities, capital accounts and various expense/income accounts. There are also adjustments that need to be made including closing stock valuation, interest calculations, bad debts, depreciation, insurance claim and outstanding expenses. The final accounts need to be prepared from this trial balance and additional information for the year ended March 31, 2019.

Uploaded by

Isha Katiyar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Q.

4 From the following Trial Balance of Reena, Meena and Teena and additional
information, prepare Final accounts for year-ended 31st March 2019.

Trial Balance of Firm as on 31st March 2019.

Particulars Debit Rs. Credit Rs.

Partner’s Capital A/c: - Reena PART.CAP.CR/LI 4,00,000

Meena PART.CAP.CR/LI 3,00,000

Teena PART.CAP.CR/LI 5,00,000

Partner’s Drawings: - Reena PART.CAP.DR./PD 14,000

Meena PART.CAP.DR./PD 24,000

Teena PART.CAP.DR./PD 15,000

Stationery Consumed PD 16,000

Stock of Stationery as on 31.03.2019 ASSET 1,400

Opening Stock TD 1,00,000

Purchases less Purchase Return TD 3,96,000

Sales less Sales Return TC 9,75,000

Goodwill ASSET 82,500

Premises ASSET 3,15,000

Machinery ASSET 1,85,000

Furniture ASSET 95,000

Petty Cash ASSET 1,400

Bank ASSET 10,000

Bank Loan LIABILITY 14,000

Accounts Receivable(D) & Accounts Payable(C) A/L 1,08,000 85,000


Bills Receivable ASSET 36,000

Manufacturing Wages TD 79,000

Motor Van ASSET 40,000

Sales Promotion Expenses PD 18,000

Import Duty on Raw Material TD 70,000

Salaries & Wages PD 55,000

Postage & Telephone PD 35,000

Electricity Charges PD 40,000

Factory Expenses TD 15,000

Refreshment Expenses PD 9,500

Bad Debts & bad Debts Reserves PD/-BAD DEBTS 1,000 6,000

Sale of Machinery (NULLIFIED) 6,000

Subscription for News Papers & Magazines ASSET~ 5,500

Noting Charges PD 700

Office Expenses PD 5,000

Provident Fund Contribution PD 4,000

Sundry Income (NOT PRESENT)

Cash on Hand ASSET 7,000

Power & Fuel TD 16,000

Investments in Shares of ABC Co. (Face Value Rs. 1,40,000


1,32,000/- ASSET
Land ASSET 3,46,000

TOTAL 22,86,000 22,86,000

Adjustments: -

1. Closing Stock is valued at Rs. 56,000/-. TC/ASSET


2. Charge interest on drawings and allow interest on capital @ 10% p.a.
PART.C.DR./PC & PART.C.CR./PD
3. A customer with debit balance of Rs. 5,000/- was declared insolvent and his asset
could pay first and final dividend of 40 paise in a rupee. The books of accounts
show only the cash receipt. +BAD DEBTS/-DEBTORS (3,000)
4. Create provision for Bad & Doubtful Debts @ 4% on debtors. +BAD DEBTS/-
DEBTORS
5. Depreciate machinery and furniture @ 12% and @ 10% p.a. –ASSET/PD
6. Goods costing Rs. 6,000/- were lost by fire and insurance company did not admit
the claim of 55%. PD(3300)/ASSET(2700)/TC(6000)
7. Sale of machinery account represents selling price of machine sold, the
machinery representing an opening balance of Rs. 8,000/- was sold on
31.12.2018
SALE OF MACHINERY IN TB/PD(1280)/-MACHINERY (7280)
8. The ABC Co. declared dividend of 15% which is received by NEFT in business bank
account. +PC/+BANK IN ASSETS (19,800)
9. Outstanding expenses – Salaries = Rs. 2,500/-, Factory Expenses = Rs. 2,000/-,
Office Expenses = Rs. 1,500/-. +EXPENSES/LIABILITY

Bank A/c Dr 6000

To Sale of Machinery A/c 6000

CE Bank / Cash 6000 WE Bank / Cash 6000


Loss on sale 1280 To Sale of Machinery A/c 6000

To Machinery 7280

Rectifying entry

Sale of Machinery A/c 6000

Loss on sale 1280

To Machinery A/c 7280

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