Scribd Logo
Upload

Welcome to Scribd!

  • 97 views

    Assignment Solution

    Uploaded by

    aaronvc154

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Assignment Solution

    Uploaded by

    aaronvc154
    97 views4 pages

    Original Title

    Assignment solution

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    97 views4 pages

    Assignment Solution

    Uploaded by

    aaronvc154

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    You are on page 1of 4

    1.

    DEBTORS ACCOUNT
    PARTICULARS ₹ PARTICULARS ₹
    TO BALANCE B/D 53,000 BY BANK A/C 60,000
    TO SALES (CREDIT) 95,000 BY BALANCE C/D 88,000
    1,48,000 1,48,000

    CREDITORS ACCOUNT
    PARTICULARS ₹ PARTICULARS ₹
    TO BANK A/C 25,000 BY BALANCE B/D 15,000
    TO BALANCE C/D 19,500 BY PURCHASES (CREDIT) 29,500
    44,500 44,500

    OPENING STATEMENT OF AFFAIRS AS ON 01.01.2023


    LIABILITIES ₹ ASSETS ₹
    CREDITORS 15,000 DEBTORS 53,000
    OVERDRAFT 7,400 STOCK 17,000
    CAPITAL 69,000 PLANT AND MACHINERY 20,000
    FURNITURE AND FITTINGS 1,400
    91,400 91,400

    TRADING AND PROFIT & LOSS ACCOUNT FOR THE YEAR ENDING 31.12.2023
    PARTICULARS ₹ PARTICULARS ₹
    TO OPENING STOCK 17,000 BY SALES 95,000
    TO PURCHASES 29,500 BY CLOSING STOCK 19,000
    TO WAGES 15,500
    TO GROSS PROFIT 52,000
    1,14,000 1,14,000
    TO BUSINESS EXPENSES 10,000 BY GROSS PROFIT 52,000
    TO DEPRECIATION ON
    PLANT AND MACHINERY (10%) 2,000
    FURNITURE AND FITTINGS (5%) 70
    TO NET PROFIT 39,930
    52,000 52,000

    BALANCE SHEET AS ON 31.12.2023


    LIABILITIES ₹ ASSETS ₹
    CREDITORS 19,500 DEBTORS 88,000
    CAPITAL 69,000 STOCK 19,000
    ADD: PROFIT 39,930 PLANT AND MACHINERY
    LESS: DRAWINGS 3,000 (20000-2000) 18,000
    ADD: ADDITIONAL CAPITAL 6,000 1,11,930 FURNITURE AND FITTINGS
    (1400-70) 1,330
    BANK 4,000
    CASH 1,100
    1,31,430 1,31,430
    2.
    BANK RECONCILIATION STATEMENT AS ON 31.12.2023
    PARTICULARS ₹
    BALANCE AS PER CASH BOOK 50,000
    * CHEQUES ISSUED 6,000
    * DIVIDEND ON SHARES COLLECTED 8,000
    * BANK CHARGES DEBITED (400)
    * CHEQUES DEPOSITED (5,000)
    BALANCE AS PER PASSBOOK 58,600

    3.
    RECEIPTS AND EXPENDITURE ACCOUNT FOR THE YEAR ENDING
    31.03.2024
    PARTICULARS ₹ PARTICULARS ₹
    TO RESERVE FOR O/S SURGERY BY RECEIPT OF
    FEES 2,500 SURGERY FEES 52,500
    TO SALARIES 18,000 ADD: O/S 2,500 55,000
    BY INTEREST ON
    DD: O/S 2,600 20,600 INVESTMENT 2,400
    TO INSURANCE 9,500 BY SUNDRY INCOME 3,500
    TO RENT 3,600
    ADD: O/S 400 4,000
    TO MEDICINES USED (52100-
    50000) 2,100
    TO SURPLUS 22,200
    60,900 60,900

    BALANCE SHEET AS ON 31.03.2024


    LIABILITIES ₹ ASSETS ₹
    CAPITAL 6,20,000 SURGICAL EQUIPMENT 4,00,000
    ADD: SURPLUS 22,200 6,42,200 FURNITURE 30,000
    O/S SALARY 2,600 MEDICINES 50,000
    O/S RENT 400 INVESTMENTS 1,60,000
    CASH 5,200
    6,45,200 6,45,200

    4.
    REVALUATION ACCOUNT
    PARTICULARS ₹ PARTICULARS ₹
    TO RBD (36000 X 50%) 18,000 BY CAPITAL ACCOUNT 20,700
    TO DEPRECIATION ON FURNITURE 450
    (9000 X 5%)
    TO STOCK 2,250
    20,700 20,700
    PARTNERS CAPITAL ACCOUNT
    PARTICULARS MOHAN ROHAN VANI PARTICULARS MOHAN ROHAN VANI
    BY BALANCE
    TO REVALUATION A/C 13,800 6,900 - B/D 60,000 45,000 -
    TO CASH A/C 9,000 4,500 - BY CASH A/C - - 18,000
    BY GENERAL
    TO BALANCE C/D 70,200 50,100 18,000 RESERVE 24,000 12,000 -
    BY GOODWILL
    A/C 9,000 4,500 -
    93,000 61,500 18,000 93,000 61,500 18,000

    BALANCE SHEET AS ON 31.03.2024


    LIABILITIES ₹ ASSETS ₹
    S. CREDITORS 24,000 FREEHOLD PROPERTY 30,000
    CAPITALS: FURINTURE 8,550
    MOHAN 70,200 (9000-450)
    ROHAN 50,100 DEBTORS 72,000
    VANI 18,000 (90000-18000)
    STOCK 15,750
    CASH 36,000
    (18000+31500-13500)
    1,62,300 1,62,300

    5.
    REVALUATION ACCOUNT
    PARTICULARS ₹ PARTICULARS ₹
    BY PARTNERS CAPITAL
    TO DEPREVIATION ON FIXED ASSETS 4,600 A/C 5,600
    TO BADDEBTS 1,000
    5,600 5,600

    PARTNERS CAPITAL ACCOUNT


    PARTICULARS MANOJ SURAJ DHEERAJ PARTICULARS MANOJ SURAJ DHEERAJ
    BY GOODWILL 7,200 10,800 TO BALANCE B/D 25,000 15,000 15,000
    BY TO GENERAL
    REVAUATION 2,800 1,680 1,120 RESERVE 2,500 1,500 1,000
    TO PROFIT
    BY CASH A/C 25,000 SUSPENSE A/C 2,500
    BY LOAN A/C 20,200 TO GOODWILL 18,000
    BY BALANCE
    C/D - 7,620 4,080
    48,000 16,500 16,000 48,000 16,500 16,000
    Profit up to Retirement Date
    • Previous year's profit (2021) = ₹15,000
    • Profit share of Manoj up to 1st May 2023 (4 months) = 15,000 × 4/12 = ₹5,000
    • Manoj’s share (5/10) = 5,000 × 5/10 = ₹2,500
    BALANCE SHEET AS ON 01.05.2023
    LIABILITIES ₹ ASSETS ₹
    S. CREDITORS 20,000 FIXED ASSETS 41,400
    MANOJ'S LOAN A/C 20,200 (46000-4600)
    CAPITALS: S. DEBTORS 9,000
    SURAJ 7,620 (10000-1000)
    DHEERAJ 4,080 B/R 4,000
    BANK LOAN/OVERDRAFT 25,000 STOCK 16,000
    (TO PAY MANOJ) BANK 4,000
    76,900 74,400

    You might also like