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    Trial Balance As On 31 March, 2003: Particulars Debit (RS.)

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    Jesse Lucas
    This document contains three trial balances with additional financial information for partnerships. The first trial balance is for Agarkar and Dravid sharing profits in a 2:1 ratio. It includes adjustments such as writing off bad debts, goods distributed as free samples, closing stock valuation, outstanding salaries, depreciation calculations, and goods destroyed by fire. The second trial balance is for Kalavati and Lilavati sharing profits in a 3:2 ratio. It includes adjustments such as closing stock valuation, unpaid wages, outstanding salaries, depreciation calculations, writing off bad debts, and prepaid rent. The third trial balance is for Sagar and Sindhu sharing profits equally. It includes adjustments such

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    Trial Balance As On 31 March, 2003: Particulars Debit (RS.)

    Uploaded by

    Jesse Lucas
    64 views3 pages
    This document contains three trial balances with additional financial information for partnerships. The first trial balance is for Agarkar and Dravid sharing profits in a 2:1 ratio. It includes adjustments such as writing off bad debts, goods distributed as free samples, closing stock valuation, outstanding salaries, depreciation calculations, and goods destroyed by fire. The second trial balance is for Kalavati and Lilavati sharing profits in a 3:2 ratio. It includes adjustments such as closing stock valuation, unpaid wages, outstanding salaries, depreciation calculations, writing off bad debts, and prepaid rent. The third trial balance is for Sagar and Sindhu sharing profits equally. It includes adjustments such

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    std xii th

    Original Title

    Final Accounts Test

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    This document contains three trial balances with additional financial information for partnerships. The first trial balance is for Agarkar and Dravid sharing profits in a 2:1 ratio. It includes adjustments such as writing off bad debts, goods distributed as free samples, closing stock valuation, outstanding salaries, depreciation calculations, and goods destroyed by fire. The second trial balance is for Kalavati and Lilavati sharing profits in a 3:2 ratio. It includes adjustments such as closing stock valuation, unpaid wages, outstanding salaries, depreciation calculations, writing off bad debts, and prepaid rent. The third trial balance is for Sagar and Sindhu sharing profits equally. It includes adjustments such

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    64 views3 pages

    Trial Balance As On 31 March, 2003: Particulars Debit (RS.)

    Uploaded by

    Jesse Lucas
    This document contains three trial balances with additional financial information for partnerships. The first trial balance is for Agarkar and Dravid sharing profits in a 2:1 ratio. It includes adjustments such as writing off bad debts, goods distributed as free samples, closing stock valuation, outstanding salaries, depreciation calculations, and goods destroyed by fire. The second trial balance is for Kalavati and Lilavati sharing profits in a 3:2 ratio. It includes adjustments such as closing stock valuation, unpaid wages, outstanding salaries, depreciation calculations, writing off bad debts, and prepaid rent. The third trial balance is for Sagar and Sindhu sharing profits equally. It includes adjustments such

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    © All Rights Reserved
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    of 3

    1.

    Agarkar and Dravid are in partnership sharing profit and losses in the ratio of 2: 1 from the
    following information of Trial balance and adjustments you are required to prepare profit and loss
    account, trading account and Balance sheet as on 31st march 2003.
    Trial Balance as on 31st March, 2003
    Particulars Debit (Rs.) Credit (Rs.)
    Prepaid Insurance
    Insurance
    R.B.D.D
    Discount
    Postage and Telephones
    Salaries
    Debtors
    Creditors
    Wages
    Opening Stock
    Carriage
    Return Inward
    Return Outward
    Purchase and sales
    Bank Overdraft
    Plant and Machinery
    Land and Building
    Drawings:-
    Agarkar
    Dravid
    Capitals:-
    Agarkar
    Dravid
    400
    1, 000

    400
    1, 600
    28, 000
    33, 000

    12, 000
    24, 000
    500
    2,800

    96, 600

    12, 000
    88, 000

    4,000
    2,000


    500




    34, 000




    4, 600
    1, 50, 800
    60, 400






    30, 000
    26, 000
    3, 06, 300 3, 06, 300



    Adjustments:
    1. Write off Rs. 1,000 for bad debts and provide for R.B.D.D @ 5% on debtors.
    2. Goods worth Rs. 2,000 were distributed as free samples.
    3. Closing Stock 31 12- 2003 was valued at cost Rs. 28, 000 while its market value is Rs. 30,000/-.
    4. Salaries were outstanding Rs. 1,000.
    5. Depreciate Land and Building @ 5% p.a. and Plant and Machinery @ 10% p.a.
    6. Goods worth Rs. 3,000 were destroyed by fire, but insurance company admitted the claim for Rs.
    400 only.
    7. Dravid had taken goods worth Rs. 1000 for his own use, but no entry is made in the books














    2. Following is the Trial Balance of Kalavati and Lilavati as on 31st March, 2005 who share Profits and
    Loses to the ratio of 3:2. Interest on capital was allowed at 5% p.a.

    Trial Balance as on 31st March, 2005


    Additional Information
    1. Closing stock was valued at Rs. 20,500.
    2. Unpaid wages Rs. 750.
    3. Outstanding salary Rs. 657.
    4. Provide depreciation on Plant & Machinery at 10% p.a. and on land & building at 5% p.a.
    5. Write of Rs. 100 as bad debts and provide R.B.D.D. at 5% on debtors.
    6. Rent, Rates and Taxes prepaid Rs. 100.
    7. Prepare Trading A/c and Profit & Loss A/c for the year ending 31st March, 2005 and a balance sheet as on
    that date.






















    3. Given below is the Trial Balance of Sagar and Sindhu who are partners sharing profits and losses in equal
    ratio. You are required to prepare a Trading and Profits and Losses in equal ratio. You are required to
    prepare a Trading and Profit & Loss A/c for the year ended 31st March, 2006 and a balance sheet as on that
    date after taking into account the given adjustments.
    Trial Balance as on 31st March, 2006.

    Adjustments
    1. The closing stock at the end of the year was valued at market price Rs. 1,44,000 which is 20% above cost.
    2. Commission includes Rs. 1,400 received in advance.
    3. 1/6th shop fittings and 20% of goodwill were to be written of. The provision for Bad debts was to be
    maintained @ 5% on debtors.
    4. Machinery and Buildings were to be depreciated at 15% and 20% respectively. Patent Rights and
    Furniture and Fixtures were valued at Rs. 2,000 and Rs. 5,000 respectively.
    5. Bills Receivable includes a dishonoured bill for Rs. 2500.
    6. An amount of Rs. 2,000 spent on repairs on machinery was wrongly included in machinery account.

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