AHSEC Accountancy Question Bank: Final Accounts of Partnership Question Bank (1999 to 2020)

AHSEC CLASS 12
ACCOUNTANCY QUESTION BANK

UNIT – 4 FINAL ACCOUNTS OF PARTNERSHIP FIRMS

[A.H.S.E.C – 1999]. Arup and Prabhat are partners in a firm sharing profits and losses in the ratio of 53:53 respectively. The Trial Balance of the firm as on 31st March 2006 was as follows:

Trial Balance

Debit

Rs.

Credit

Rs.

Plant & machinery

Furniture

Building

Debtors

Carriage Outward

Salaries

Bad Debts

Cash in hand

Cash at Bank

Insurance

Drawings

     Prabhat      6,000

     Arup           8,000

Closing Stock

34,000

3,000

30,000

22,000

840

5,600

300

60

280

600

 

 

14,000

15,000

Capital Accounts :

     Arup                 25,000

     Prabhat            25,000

Sundry Creditors

Bank Overdrafts

Provision for Doubtful Debts

Wages Outstanding

Trading Account (Gross Profit)

 

 

50,000

16,000

8,000

1,200

100

50,380

 

1,25,680

 

1,25,680

                Prepare Profit and Loss Account and Profit and Loss Appropriation Account for the year ended 31st March, 2006 and Balance Sheet as at that date after taking into consideration the following:

a)      Outstanding Expenses: Salaries Rs. 200; Interest on Bank Overdraft Rs. 150;

b)      Plant and Machinery included a machine worth Rs. 10,000 purchases on 1st Oct, 2005.

c)       Provide depreciation on Plant and Machinery and Furniture at 10% p.a. and on Buildings at 2.5%.

d)      Provision for Doubtful Debts to be maintained at 10% p.a.

e)      Interest on Capital to be allowed at 10% p.a.

f)       Salaries paid include salaries Rs. 1,000 paid to the partner Arup.

[A.H.S.E.C. – 2000]. Abhijit and Surojit are partners in a firm sharing Profit and Loss in the ratio of 3:2 respectively. The Trial Balance of the firm as on 31st March, 2007 was as follows:

Trial Balance

Debit

Rs.

Credit

Rs.

Furniture

Land & Building

Drawings :

       Abhijit

       Surojit

Cash at Bank

Sundry Debtors

Salaries

Insurance

Bad Debts

Closing Stock

6,250

21,000

 

1,200

800

7,900

10,000

13,250

1,900

100

7,580

Rent Received

Provision for doubtful debts

Capital Accounts :

        Abhijit

        Surojit

Wages outstanding

Trading Account (Gross Profit)

600

800

 

20,000

13,000

200

35,380

 

69,980

 

69,980

Prepare Profit and Loss Account and Profit and Loss Appropriation Account for the year ended 31st March, 2007 and a Balance Sheet as at that date after taking into consideration the following:

a)      Outstanding expenses: Salaries Rs. 350;

b)      Insurance was prepaid to the extent of Rs. 200;

c)       Depreciate Furniture @ 4% p.a.

d)      Provision for doubtful debts to be maintained at 3% of Debtors;

e)      Interest on capital to be allowed @ 5%

f)       Surojit was to receive a salary of Rs. 250 per month.

[A.H.S.E.C. - 2001]. Following is the Trial Balance of Bora Brothers as on 31st March, 2007.

Debit

Rs.

Credit

Rs.

Plant & Machinery

Salaries

Freight on Sales

Building

Goodwill

Furniture

Sundry Debtors

Bad Debts

Cash at Bank

Investment

Cash in hand

Establishment

Stock

Environment Protection Expenses

Drawings :

   Ramen Bora    5,000

   Pradip Bora     3,000

Publicity

35,000

15,850

2,140

54,000

15,000

10,000

48,200

1,400

1,200

10,000

170

13,000

10,000

5,500

 

 

8,000

5,000

Capital Account :

  Ramen Bora

  Pradip Bora

Trading Account (Gross Profit)

Creditors

Bank Loan

Sundry Receipts

Commission

Outstanding Wages

Provision for Doubtful Debts.

 

50,000

30,000

85,700

44,560

21,000

1,000

1,000

200

1,000

 

 

 

 

 

 

2,34,460

 

2,34,460

Prepare the Profit and Loss Account and the Profit and Loss Appropriation Account of the firm for the year ended 31.3.2000 and Balance Sheet as at that date after taking into consideration of the following:

a)      Outstanding salary Rs. 500;

b)      Prepaid publicity Rs. 500;

c)       Depreciate plant and machinery @ 10% p.a.

d)      Commission received in advance Rs. 200;

e)      Provide for doubtful debts @ 5% on sundry debtors;

f)       Allow interest on partner capitals @ 5% p.a.

[A.H.S.E.C. – 2002]. Saurav and Gaurav are partners in a firm sharing Profit and Loss equally. The Trial Balance of the firm as on 31st March, 2001 was as follows:

Trial Balance

Debit

Rs.

Credit

Rs.

Sundry Debtors

Furniture

Land & Building

Salaries

Insurance

Bad debts

Cash at Bank

Discount

Bank charges

Carriage Outward

Drawings :

     Saurav

     Gaurav

10,000

16,000

21,000

13,200

2,000

200

15,000

580

420

570

 

4,000

2,500

Trading Account

    (Gross Profit)

Rent received

Provision for bad debts

Outstanding wages

Sundry Creditors

Bills Payable

Commission

Sundry receipts

Capital :

     Saurav

     Gaurav

 

35,620

600

800

200

10,000

2,000

250

1,000

 

20,000

15,000

 

85,470

 

85,470

Prepare Profit and Loss Account and Profit and Loss Appropriation Account for the year ended 31st March, 2001 and a Balance Sheet as at that date after taking into consideration the followings:

a)      Outstanding Salary Rs. 300;

b)      Prepaid Insurance Rs. 200;

c)       Depreciate furniture 10%, Land & Building 10%;

d)      Provision for Doubtful Debts to be maintained at 10% of Debtors.

e)      Saurav was to receive a Salary of Rs. 300 per month.

[A.H.S.E.C. - 2003]. Following is the Trial Balance of Jadu and Madhu as on 31st March, 2002:

Debit

Rs.

Credit

Rs.

Machinery

Furniture

Copy Right

Building

Salaries

Taxes

General Expenses

Bills Receivable

Debtors

Charity

Investment

Bank Balance

Cash in hand

Drawings :

                 Jadu

                 Madhu

Closing Stock

3,00,000

8,000

10,000

1,35,000

16,000

800

1,000

1,800

42,800

1,400

30,000

15,000

600

 

12,000

8,000

20,000

Capital :

             Jadu

             Madhu

Reserve Fund

Outstanding Wages

Bad Debts Provision

Bills Payable

Sundry Creditors

Trading Account (Gross Profit)

Profit from Joint Venture

Profit from Branch

 

2,40,000

1,60,000

19,000

400

1,400

42,400

13,200

1,24,600

1,000

400

 

 

6,02,400

 

6,02,400

Prepare Profit and Loss Account and Profit and Loss Appropriation Account for the year ended 31st March, 2002 and also a Balance Sheet as on that date after taking into consideration the following adjustments:

a)      Partners are entitled to interest of Capital at 5% p.a.

b)      Transfer 10% of Net Profit to Reserve Fund.

c)       Bad Debts provision has to be increased to 5% on Debtors.

d)      Interest on Investment accrued Rs. 500.

e)      Depreciate Machinery @10%

[A.H.S.E.C. – 2004]. Kamal and Bimal are partners in a partnership firm sharing profits and losses in the ratio of 2:1 respectively. The Trial Balance of the firm as on 31st March, 2003 was as follows:

Debit

Rs.

Credit

Rs.

Furniture

Land & Buildings

Drawings :

                 Kamal

                 Bimal

Closing Stock

Insurance

Salaries

Sundry Debtors

Cash at Bank

Discount

16,000

20,000

 

1,500

1,000

8,500

2,000

12,500

10,000

8,200

2,000

Capital :

             Kamal

             Bimal

Trading Account (Gross Profit)

Bad Debts Provision

Creditors

Sundry Receipts

 

20,000

15,000

40,250

300

4,150

2,000

 

81,700

 

81,700

Prepare Profit and Loss Account, Profit and Loss Appropriation Account for the year ended 31st March, 2003 and also a Balance Sheet as on that date after taking into consideration the following adjustments:

a)      Outstanding salary Rs. 500.

b)      Provision for bad debts to be created @ 5% on Sundry Debtors.

c)       The Partners are entitled to interest on capital @ 5% p.a.

d)      Depreciate land & building @ 10% p.a.

********************************************

ALSO READ (AHSEC ASSAM BOARD CLASS 12):

1. AHSEC CLASS 12 ACCOUNTANCY CHAPTERWISE NOTES

2. AHSEC CLASS 12 ACCOUNTANCY IMPORTANT QUESTION (THEORY)

3. AHSEC CLASS 12 ACCOUNTANCY IMPORTANT QUESTION BANK (PRACTICAL)

4. AHSEC CLASS 12 ACCOUNTANCY PAST EXAM PAPERS (FROM 2012 TILL DATE)

5. AHSEC CLASS 12 ACCOUNTANCY SOLVED QUESTION PAPERS (FROM 2012 TILL DATE)

6. AHSEC CLASS 12 ACCOUNTANCY CHAPTERWISE MCQS

********************************************

[A.H.S.E.C. – 2005]. Amal and Bimal are partners of a firm. The Trial Balance of the firm as on 31st March, 2004 was as follows:

Trial Balance

Debit

Rs.

Credit

Rs.

Plant & Machinery

Goodwill

Sundry Debtors

Stock on 31st March 2004

Salaries

Depreciation On Plant & Machinery

Books and Stationary

Establishment

Cash in Hand

Investment

Drawings :

         Amal         4,000

         Bimal        2,000

50,000

5,000

31,000

20,000

7,000

5,000

1,000

2,000

1,000

10,000

 

 

6,000

Capital :

       Amal         40,000

       Bimal        30,000

Sundry Creditors

Commission

Sundry Receipts

Outstanding Wages

Interest on Investment

Trading Account (Gross Profit)

Bank Overdraft

 

 

70,000

10,000

3,000

200

600

200

 

50,000

4,000

 

 

1,38,000

 

1,38,000

Additional Information:

a)      Write off Rs. 1000 as Bad Debt and provide a 5% Reserve on remaining Debtors for Doubtful Debts.

b)      Commission received in advance Rs. 500.

c)       Transfer 10% of Net profit to General Reserve.

d)      Allow interest on Capital @ 5% p.a.

From the above Trial Balance and additional information, prepare a Profit and Loss Account and Profit and Loss Appropriation Account for the tear ended 31st March, 2004 and a Balance Sheet as on that date.

[A.H.S.E.C. – 2006]. Shiva and Dhruba are partners in a firm. The Trial Balance of the firm as on 31st March, 2005 was as follows:

Trial Balance

Debit

Rs.

Credit

Rs.

Machinery

Goodwill

Patent

Sundry Debtors

Cash in hand

Closing Stock on 31.3.05

Investments

Depreciation on Machinery

Establishment

Carriage Outward

Taxes

Telephone Charge

Conveyance

Drawings :

   Shiba              5,000

   Dhruba           4,000

Salaries

Bank Charges

54,000

10,000

20,000

21,000

1,000

25,000

10,000

6,000

10,000

1,000

500

3,600

800

 

 

9,000

8,000

100

Capital :

   Shiba           50,000

   Dhruba         40,000

Sundry Creditors

Interest on Investment

Sundry Receipts

Bills payable

Bank Overdraft

Outstanding wages

Trading Account (Gross profit)

Discount

 

 

90,000

5,000

400

200

2,000

10,000

500

71,000

900

 

 

 

1,80,000

 

1,80,000

Prepare a Profit and Loss Account and Profit and Loss Appropriation Account for the year ended 31st March, 2005 and also a Balance Sheet as on that date after taking into consideration the following adjustments:

a)      Write of Rs. 1,000 as Bad Debt and provide a 5% Provision on Sundry Debtors for Doubtful Debts.

b)      Interest on investment Accrued Rs. 600.

c)       Interest on Partner’s Capital is allowed @ 5% p.a.

d)      Create a General Reserve by taking Rs. 5,000 out of Profit.

[A.H.S.E.C. – 2007 – Old course]. Following is the Trial Balance of X and Y Firm as on 31.3.2006.

Debit

Rs.

Credit

Rs.

Furniture

Plant & Machinery

Salaries for 11 months

Telephone

Cash discount on sale

Contingencies

Insurance for 12 months ending on 30.06.2006.

Establishment

10% Investment (purchased on 1.10.2005)

Cash in hand

Cash at Bank

Stock

Drawings :

                 X

                 Y

Loss by Fire

Debtors

5,000

25,000

11,000

300

500

1,000

 

1,200

2,500

 

10,000

2,000

14,500

80,000

 

10,000

8,000

5,000

20,000

Gross profit

Capital :

             X

             Y

Loan from X on 1.1.2006

Reserve

Creditors

Cash discount on purchases

Commission

Bad Debt recovered

Outstanding wages

 

93,300

 

25,000

25,000

6,000

14,000

30,000

700

800

200

1,000

 

1,96,000

 

1,96,000

Prepare Profit and Loss Account and Profit and Loss Appropriation Account for the year ended 31st March, 2006 and Balance Sheet as at that date after taking into consideration of the following adjustments:

a)      Plant and Machinery includes new purchase of plant and machinery for Rs. 10,000 made on 1.10.2005.

b)      Insurance claim accepted by Insurance Company Rs. 4,000.

c)       Depreciate Plant and Machinery at 10% p.a.

d)      Write off Rs. 1,000 as bad debt and provide a Reserve for Doubtful Debts at 5% on Sundry Debtors.

e)      Interest on capital is allowed at 5% p.a.

[A.H.S.E.C. - 2007]: Dhiraj and Rohit are partners in a firm. The trial balance of the firm as on 31st march 2006 was as follows:

Trial Balance

Debit

Amount

Credit

Amount

Goodwill

Debtors

Trade marks

Plant and machinery

Building

Furniture

10% Investment

Cash in hand

Cash at Bank

Stock on 31 – 3 – 2006

Bills receivable

Salaries

Telephone charges

Printing and stationery

Advertisement

Drawings:

Dhiraj

Rohit

Bad Debts

Interest on Bank loan

4000

20000

30000

25000

30000

5000

10000

1050

14650

17500

1500

5750

1600

150

250

 

2050

3000

250

3000

Capital:

Dhiraj

Rohit

Creditors

Bills payable

Reserves

Interest on investments

Provision for doubtful debts

Bank loan

Commission received in advance

Trading account (Gross Profit)

 

40000

20000

12500

2000

11000

300

1100

30000

1000

56850

 

174750

 

174750

Prepare a Profit and loss Account, a Profit and loss appropriation Account for the year ended on 31st march 2006 and also a balance sheet as on that date after taking in to account the following adjustments:

a.       Plant and machinery to be depreciated at 10% and furniture at 15%

b.      Interest on investment due but not received within the accounting year Rs. 700.

c.       A further bad debt of Rs. 250 is to be written off and provision for doubtful debts is to be maintained at 4% on sundry debtors.

d.      Each of the partners is entitled to interest on capital @5% per annum and salary @ Rs. 2000 per annum.

[A.H.S.E.C. - 2008]: Sonali and Rupali are partners in a firm sharing profits and losses in the ratio of 3:1. The following is their trial balance as at 31st December 2007.

Trial Balance

Debit

Amount

Credit

Amount

Machinery

Salaries

Carriage outward

Building

Goodwill

Furniture

Debtors

Bad debts

Cash at bank

Investment

Cash in hand

Establishment

Stock as on 31-12-2007

Depreciation on machinery

Environment protection expenses

Publicity

Drawings:

Sonali

Rupali

35000

15850

2140

54000

15000

10000

48200

1400

1200

10000

1170

13000

10000

3500

5500

5000

 

5000

3000

Capital account:

Sonali

Rupali

Trading account (Gross profit)

Creditors

Bank loan

Discount

Commission

Outstanding wages

Provision for doubtful debts

 

50000

30000

85700

44560

21000

4500

1000

1200

1000

 

 

238960

 

238960

Additional Information:

a)      Prepaid publicity Rs. 500.

b)      Commission received in advance Rs. 200.

c)       Provide for doubtful debts @ 5% on sundry debtors.

d)      Allow interest on capital @ 5% p.a.

From the above trial balance and additional information, prepare a profit and loss account, a profit and loss appropriation account for the year ended 31st December 2007 and a balance sheet as on that date.

[A.H.S.E.C. – 2009]: Rakesh and Mahesh are partners in a firm sharing profits and losses in the ratio of 3: 2 respectively. The Trial Balance of the firm as on 31st March, 2008 was as follows:

Debit

Rs.

Credit

Rs.

Furniture

Land & Building

Cash at Bank

Sundry Debtors

Salaries

Insurance

Bad debts

Closing Stock 

Drawings:

       Rakesh                

       Mahesh

Depreciation on Furniture

6,240

1,21,000

7,900

10,000

13,250

1,900

100

7,580

 

1,200

800

260

Rent Received

Provision for Doubtful Debts

Capital A/c:

Rakesh

Mahesh

Wages Outstanding

Trading A/c (Gross Profit)

Commission

600

800

 

70,000

63,000

200

35,380

250

 

 

1,70,230

 

1,70,230

Prepare a Profit & Loss Account and a Profit & Loss Appropriation Account for the year ended 31st March, 2008 and also a Balance Sheet as on that date after taking into consideration the following adjustments:

a)      Outstanding salary Rs. 350;

b)      Provision for doubtful debts to be maintained at 3% of Debtors;

c)       Allow interest on capital @ 5% per annum; and

d)      Mahesh was to receive salary of Rs. 250 per month.

[A.H.S.E.C. - 2010]. Abhijit and Rabijit are in a partnership firm sharing profits and losses in the ratio of 1:1. The Trial balance of the firm as on 31st December, 2008 was as under: -

Debit

Rs.

Credit

Rs.

Land & Building

Furniture

Sundry Debtors

Salaries

Rent

Bad Debts

Cash at Bank

Commission

Bank Charges

Carriage Outward

Drawings:

       Abhijit                3,500

       Rabijit                2,000

20,000

18,000

12,000

14,100

2,500

400

16,000

600

500

450

 

 

5,500

Gross Profit

Discount

Provision for Bad Debts

Outstanding Wages

Sundry Creditors

Bills Payable

Interest on Investment

Capital:

        Abhijit                   25,000

        Rabijit                    16,000

29,600

1,800

1,200

450

12,000

2,500

1,500

 

 

41,000

 

90,050

 

90,050

Prepare Profit & Loss Account and Profit & Loss Appropriation Account for the year ended 31st December, 2008 and a Balance Sheet as on that date after considering the following adjustments:

a)      Rent outstanding Rs. 600;

b)      Depreciate furniture by 5% and appreciate Land & Building by 10%;

c)       Salaries prepaid Rs. 500;

d)      Provision for doubtful debts to be maintained at 8% of Debtors and

e)      Interest on capital @ 5% should be allowed to partners.

[A.H.S.E.C. - 2011]: Kajal and Karina are in partnership in a firm sharing profit in the ratio of 32:24. Their Trial Balance as on 31st December 2010 was as follows:

Trial Balance

Debit                               

Amount

Credit                           Amount (Rs)

Amount

Investment

Sundry Debtors

Advertisement

Salaries

Commission

Bad debt

Stock

Carriage outward

Drawings:-                              

Kajal

Karina

Machinery

25,000

10,700

6,000

17,600

900

1,200

32,000

650

 

5,000

3000

36,000

Capital :

Kajal

Karina

Reserve fund

Gross profit

Rent received

Sundry creditors

Outstanding rent

Bank overdraft

Loan from Kajal (on 1.7.2010)

 

40,000

25,000

7,500

41,550

500

12,000

1,000

4,500

6,000

 

1,38,050

 

1,38,050

Prepare Profit and Loss account and Profit and Loss Appropriation account for the year ended 31st December 2010 and a Balance Sheet as on that date after taking into consideration the following adjustment:

(i)      Salaries outstanding Rs 400

(ii)    Interest on investment accrued Rs. 300

(iii)   Interest on capital to be allowed @ 5% p.a.

(iv)  Interest on drawings : Kajal Rs. 120, Karina Rs. 80

********************************************

ALSO READ (AHSEC ASSAM BOARD CLASS 12):

1. AHSEC CLASS 12 ACCOUNTANCY CHAPTERWISE NOTES

2. AHSEC CLASS 12 ACCOUNTANCY IMPORTANT QUESTION (THEORY)

3. AHSEC CLASS 12 ACCOUNTANCY IMPORTANT QUESTION BANK (PRACTICAL)

4. AHSEC CLASS 12 ACCOUNTANCY PAST EXAM PAPERS (FROM 2012 TILL DATE)

5. AHSEC CLASS 12 ACCOUNTANCY SOLVED QUESTION PAPERS (FROM 2012 TILL DATE)

6. AHSEC CLASS 12 ACCOUNTANCY CHAPTERWISE MCQS

********************************************

[A.H.S.E.C. - 2012]. Choudhury and Barua are partners in a firm sharing profit and losses in the ratio of 50:50 respectively. The trial balance of the firm as on 31st march 2011 was as follows:

Trial Balance

Particulars

Amount

Particulars

Amount

Machinery

Furniture

Buildings

Debtors

General expenses

Insurance

Salaries

Bad debts

Cash in hand

Stationery

10% investment

Drawings:

Barua

Choudhury

Closing stock

51000

4500

45000

31500

460

800

8400

450

90

900

15000

 

9000

12000

21000

Capital account:

Choudhury

Barua

Sundry creditors

Bank overdraft

Provision for doubtful debts

Wages outstanding

Trading account (Gross Profit)

 

40000

80000

32500

12000

1800

150

74070

 

 

200520

 

200520

Prepare Profit and loss account, Profit and loss Appropriation account for the year ended 31st March, 2011 and a balance sheet as at that date after taking into consideration the following:

a)      Outstanding expenses: Salaries Rs. 300, Interest on Bank overdraft Rs. 225.

b)      Machine worth Rs. 15000 purchased on 1st October, 2010.

c)       Provide depreciation on machinery and furniture @ 10% p.a. and on building @ 2.5% p.a.

d)      Interest on capital to be allowed @ 10% p.a.

e)      Prepaid insurance Rs. 150.

f)       Partners are entitled to a salary of Rs. 1000 p.a. each.

[A.H.S.E.C. - 2013].Shiba and Dhruba are partners in a firm. The trial balance of the firm as on 31.03.2011 was as follows:

Trial Balance

Debit

Amount

Credit

Amount

Machinery

Goodwill

Patents

Sundry debtors

Cash in hand

Closing stock on 31.03.2011

Investments

Depreciation on machinery

Establishments

Carriage outward

Taxes

Telephone charges

Conveyance

Drawings:

Shiba

Dhruba

Salaries

Bank charges

54000

10000

20000

21000

1000

25000

10000

6000

10000

1000

500

3600

800

 

5000

4000

8000

100

Capital:

Shiba

Dhruba

Sundry creditors

Interest on investment

Sundry receipts

Bank overdraft

Outstanding wages

Trading account (Gross profit)

Discount

Bills payable

 

 

50000

40000

5000

400

200

10000

500

71000

900

2000

 

180000

 

180000

Prepare a profit and loss account and a profit and loss appropriation account for the year ended on 31.03.2011 and also a balance sheet as on that date after taking into consideration the following adjustments:

a)      Write off Rs. 1000 as bad debts and provide a 5% provision on sundry debtors for doubtful debts.

b)      Interest on investments accrued Rs. 600.

c)       Interest on partner’s capital is allowed @ 5% p.a.

d)      Create a general reserve by taking Rs. 5000 of profits.

[A.H.S.E.C. - 2014] The following is the Trial Balance of X and Y firm as on 31.3.2013:   

Trial Balance

Debit

Amount

Credit

Amount

Fixed Assets

Advance Income Tax

Salaries

Taxes

Miscellaneous Expenses

Bills Receivable

Sundry Debtors

Closing Stock

Charity

Investment

Bank Balance

Drawings:

X

Y

453000

200

16000

800

1000

1800

42800

20000

1400

30000

15600

 

12000

8000

Reserve Fund

Outstanding Wages

Bad Debt Provision

Sundry Creditors

Capital:

X

Y

Profit from Joint Venture

Profit from Branch

Trading Account (Gross Profit)

19000

600

1400

55600

 

240000

160000

1000

400

124600

 

602600

 

602600

Prepare Profit and Loss Account and Profit and Loss Appropriation Account for the year ended 31.3.2013 and a Balance Sheet as on that date after taking into consideration the following adjustments:

a)      The Partners are entitled to Interest on Capital @ 5% and they are charged interest on drawings: X – 300 and Y – 200.

b)      Transfer 10% of the net profit to Reserve Fund.

c)       Provide manager’s commission @5% on net profit before charging such commission.

d)      Bad Debt reserve is to be increased to 5% on debtors.

e)      Interest on investment accrued Rs.500.

[A.H.S.E.C. - 2015]. Preety and Jyoty are partners in a firm sharing profits in the ratio of 3:2. The Trial Balance of the firm as on 31-03-2014 was as follows:

Trial Balance

Particulars

Debit (Rs.)

Particulars

Credit (Rs.)

Debtors

Furniture

Machinery

Salaries

Insurance Premium on Machinery

Bad Debts

Cash in hand

Rent

Back charges

Carriage Outward

Depreciation on Furniture

Drawings :

    Preety

    Jyoty

10,000

10,000

31,000

13,200

1,200

200

10,400

6,000

420

1,450

1,000

 

4,000

2,500

Trading A/c

Bad debt recovered

Sundry receipts

Provision for bad debts

Commission

Creditors

Rent Payable

Bills Payable

Capital A/c :

    Preety

    Jyoty

 

41,120

600

1,000

800

250

10,000

200

2,400

 

20,000

15,000

 

 

91370

 

91,370

Prepare the Profit and Loss A/c and the Profit and Loss Appropriation A/c of the firm for the year ended on 31-03-14 and a Balance Sheet as on that date after considering the following adjustments:

(i)      Machinery is to be depreciated by 10%.

(ii)    Provision for bad debt is to be increased by Rs. 200/-.

(iii)   Preety was to receive, salary @ Rs. 300/- per month.

(iv)  Interest on Capital is allowed @ 5% p.a.

[A.H.S.E.C. - 2016].Following is the Trial Balance of SUDIP AND PRADIP as on 31st March, 2015:   

Particulars

(Rs.)

Particulars

(Rs.)

Plant & Machinery

Publicity

Freight on sales

Buildings

Goodwill

Sundry Debtors

Bad debt

Cash at Bank

Investments

Cash in hand

Salaries

Stock

General Expenses

Drawings:

                 Sudip    = 5,000

                 Pradip  = 3,000

35,000

5,000

2,140

69,000

15,000

48,200

1,400

5,620

10,000

170

28,850

10,000

5,500

 

 

8,000

Capital Accounts :

             Sudip    =  50,000

             Pradip  =  30,000

Trading Account

--- Gross Profit

Creditors

Bank Loan

Commission

Outstanding Freight

Provision for doubtful debt

Bills Payable

 

 

80,000

 

85,700

44,560

21,000

4,420

200

1,000

7,000

TOTAL

2,43,880

TOTAL

2,43,880

Prepare the Profit & Loss Account and the Profit & Loss Appropriation Account of the firm for the year ended 31st March, 2015 and a Balance Sheet as on that date after taking into consideration the following additional information:

a)      Depreciation Plant & Machinery @ 10% p.a.

b)      Prepaid Publicity Rs. 500/-

c)       Outstanding Salaries Rs. 1,150/-

d)      Provide for doubtful debt @ 5% on Sundry Debtors.

e)      Partners will get interest on capital @ 5% p.a.

[A.H.S.E.C. - 2017] Following is the Trial Balance of ANIMA and PRATIMA as on 31st March, 2016:

Particulars

(Rs.)

Particulars

(Rs.)

Machinery

General Expenses

Furniture

Salaries

Cash in hand

Investments

Cash at Bank

Bad debt

Sundry Debtors

Buildings

Publicity

50,000

5,000

10,000

20,000

5,000

12,000

8,000

2,000

40,000

50,000

8,000

Capital:

      ANIMA           =      60,000

      PRATIMA       =      40,000

 

Trading Account

-          Gross Profit

 

Sundry Creditors

Commission

 

 

1,00,000

 

 

90,000

 

10,000

10,000

 

2,10,000

 

2,10,000

Prepare the Profit & Loss Account and the Profit & Loss Appropriation Account of the firm for the year ended 31st March, 2016 and a Balance Sheet as on that date after taking into consideration the following additional information:

a)      Depreciate Machinery @ 10% per annum.

b)      Partners will get interest on capital @ 10% per annum.

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ALSO READ (AHSEC ASSAM BOARD CLASS 12):

1. AHSEC CLASS 12 ACCOUNTANCY CHAPTERWISE NOTES

2. AHSEC CLASS 12 ACCOUNTANCY IMPORTANT QUESTION (THEORY)

3. AHSEC CLASS 12 ACCOUNTANCY IMPORTANT QUESTION BANK (PRACTICAL)

4. AHSEC CLASS 12 ACCOUNTANCY PAST EXAM PAPERS (FROM 2012 TILL DATE)

5. AHSEC CLASS 12 ACCOUNTANCY SOLVED QUESTION PAPERS (FROM 2012 TILL DATE)

6. AHSEC CLASS 12 ACCOUNTANCY CHAPTERWISE MCQS

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[A.H.S.E.C. - 2018]. Following is the Trial Balance of RAM and SHYAM as on 31st March, 2017:                

Trial balance

Particulars (DR)

Rs.

Particulars (CR)

Rs.

Plant & Machinery

Freight on Sales

Publicity

Land & Buildings

Sundry Debtors

Bad debts

Cash at Bank

Investments

Cash in hand

Salaries

Rent

Stock

Drawings:

RAM                          6,000

SHYAM                    10,000

10,000

3,000

2,000

50,000

10,000

2,000

15,000

8,000

1,000

12,000

8,000

25,000

 

 

16,000

Capital Accounts:

RAM                               36,000

SHYAM                           40,000

Trading Account:

Gross Profit

Creditors

Bank Loan

Bills Payable

 

 

 

76,000

 

60,000

12,000

8,000

6,000

 

1,62,000

 

1,62,000

Prepare a Profit & Loss Account and the Profit and Loss Appropriation Account of the firm for the year ended 31st March, 2017 and a Balance Sheet as on that date, after taking into consideration the following additional information:               

a)      Outstanding Salaries Rs. 3,000/-

b)      Ram will get a Commission of Rs. 10,000/- for the year.

[A.H.S.E.C. – 2019] Following is the Trial Balance of Rana and Raju as on 31st March, 2018:

Trial Balance

Particulars

(Rs.)

Particulars

(Rs.)

Machinery

Furniture

Rent

Salaries

Debtors

Cash in Hand

Cash at Bank

Drawings:

Rana       =         4,000

Raju        =         3,000

Closing Stock

Commission

10,000

20,860

19,740

9,000

40,500

16,300

45,000

 

 

7,000

12,500

5,000

Capital:

Rana              =    65,000

Raju               =    40,000

Creditors

Commission

Bank Loan

Trading Account:

Gross Profit

 

 

1,05,000

18,400

300

5,000

 

57,200

 

1,85,900

 

1,85,900

Prepare the Profit and Loss A/c and Profit and Loss Appropriation A/c for the year ended 31st March, 2018 and a Balance Sheet of the Firm as on that date after taking into consideration the following additional information:

1)            Depreciate Machinery @ 10% p.a. and Furniture @ 20% p.a.

2)            Partners will get interest on capital @ 5% p.a.

3)            Raju is entitled to a salary of Rs. 1,800 p.a.

4)            The Profit sharing ratio between Rana and Raju was 3 : 2.

[A.H.S.E.C. – 2020]. Nanu and Manu are partners of a firm. The Trial Balance of the firm as on 31st March, 2019 was as under:

Trial Balance

Debit 

Rs.

Credit

Rs.

Plant and Machinery

Goodwill

Sundry Debtors

Closing Stock

Salaries

Depreciation on Plant and Machinery

Stationery

Insurance

Cash in hand

Investment

Drawings:

Nanu             4,000

Manu            2,000

50,000

5,000

31,000

20,000

7,000

5,000

1,000

2,000

1,000

10,000

 

 

6,000

Capital:

Nanu          40,000

Manu         30,000

Sundry Creditors

Commission

Sundry Receipts

Outstanding wages

Interest on Investment

Trading A/c:

Gross Profit

Bank Loan

 

 

 

70,000

10,000

3,000

200

600

200

 

50,000

4,000

 

1,38,000

 

1,38,000

Prepare Profit and Loss A/c, Profit and Loss Appropriation A/c, and the Balance Sheet of the firm for the year ended 31st March, 2019, after considering the following information:

1)         Write off of Rs. 1,000 as bad debt and provide 5% provision for doubtful debts on remaining debts.

2)         Commission received in advance Rs. 500.

3)         Transfer 10% of Net Profit to General Reserve.

4)         Allow Interest on Capital @ 5% p.a.

SOME ADDITIONAL QUESTIONS FOR YOUR PRACTICE

1. Kajal and Karina are in partnership in a firm sharing profit in the ratio of 32:24. Their Trial Balance as on 31st December 2010 was as follows:

Trial Balance

Debit                               

Amount

Credit                           Amount (Rs)

Amount

10% Investment

Sundry Debtors

Trade Mark (10 years )

Salaries

Commission

Bad debt

Stock

Joint life insurance premium

Drawings:-                              

Kajal

Karina

Machinery

Live Stock

25,000

10,700

6,000

17,600

900

1,200

32,000

650

 

5,000

3000

30,000

6,000

Capital :

Kajal

Karina

Reserve fund

Gross profit

Rent received

Sundry creditors

Outstanding rent

Bank overdraft

Interest on Investment

Loan from Kajal (on 1.7.2010)

 

40,000

25,000

7,500

41,550

500

12,000

1,000

3,000

1,500

6,000

 

1,38,050

 

1,38,050

Prepare Profit and Loss account and Profit and Loss Appropriation account for the year ended 31st December 2010 and a Balance Sheet as on that date after taking into consideration the following adjustment:

(i)      Salaries outstanding Rs 400

(ii)    Cash embezzled by a dishonest employee Rs. 500

(iii)   Interest on capital to be allowed @ 5% p.a.

(iv)  Provide Rs. 500 to staff provident fund.

(v)    Transfer to Reserve Rs. 100.

(vi)  Interest on drawings : Kajal Rs. 120, Karina Rs. 80

Q. Sonali and Rupali are partners in a firm sharing profits and losses in the ratio of 3:1. The following is their trial balance as at 31st December 2016.

Trial Balance

Debit

Amount

Credit

Amount

Machinery

Machinery installation expenses

Salaries

Carriage outward

Building

Goodwill

Furniture

Debtors

Bad debts

Cash at bank

Investment

Cash in hand

Establishment

Stock as on 31-12-2016

Depreciation on machinery

Environment protection expenses

Publicity

Drawings:

Sonali

Rupali

30000

5000

15850

2140

54000

15000

10000

48200

1400

1200

10000

1170

13000

10000

3500

5500

5000

 

5000

3000

Capital account:

Sonali

Rupali

Trading account (Gross profit)

Creditors

10% Bank loan

Discount

Commission

Outstanding wages

Provision for doubtful debts

 

50000

30000

85700

44560

21000

4500

1000

1200

1000

 

 

238960

 

238960

Additional Information:

a.       Prepaid publicity Rs. 500.

b.      Bank loan account includes a bank loan taken Rs. 5000 on 1st October, 2011.

c.       A Quarter amount of Commission received is to be carried forward.

d.      Provide for doubtful debts @ 5% on sundry debtors.

e.      Allow interest on capital @ 5% p.a.

From the above trial balance and additional information, prepare a profit and loss account, a profit and loss appropriation account for the year ended 31st December 2016 and a balance sheet as on that date.

Q. Amal and Bimal are partners of a firm. The Trial Balance of the firm as on 31st March, 2017 was as follows:

Trial Balance

Debit

Rs.

Credit

Rs.

Plant & Machinery (Cost)

Goodwill

Sundry Debtors

Electric installation

Stock on 31st March 2004

Salaries (7 months)

Loss by fire

Books and Stationary

Insurance (upto 30-6-2017)

Cash in Hand

Investment

Partner’s Salaries:

         Amal         4,000

         Bimal        2,000

50,000

5,000

20,000

11,000

20,000

7,000

5,000

1,000

2,000

1,000

10,000

 

 

6,000

Capital :

       Amal         40,000

       Bimal        30,000

Sundry Creditors

Commission

Sundry Receipts

Outstanding Wages

Interest on Investment

Trading Account (Gross Profit)

Bank Overdraft

Depreciation fund on Plant and Machinery

 

 

70,000

10,000

3,000

200

600

200

40,000

4,000

10,000

 

 

1,38,000

 

1,38,000

Additional Information:

a)      Write off Rs. 1000 as Bad Debt and provide a 5% Reserve on remaining Debtors for Doubtful Debts.

b)      Calendars costing Rs.1,000 printed for free distribution but no payment is made for it and no entry is made for it till the end of the year.

c)       Transfer 10% of Net profit to General Reserve.

d)      Allow interest on Capital @ 5% p.a.

e)      Charge 10% depreciation on plant and machinery on SLM Method.

f)       Insurance claim on loss by fire Rs. 4,000.

From the above Trial Balance and additional information, prepare a Profit and Loss Account and Profit and Loss Appropriation Account for the tear ended 31st March, 2017 and a Balance Sheet as on that date.

 

Final Accounts of Partnership Firm – Comprehensive problem

Q. Comprehensive final account: Dhiraj and Rohit are partners in a firm. The trial balance of the firm as on 31st march 2014 was as follows:

Trial Balance

Debit

Amount

Credit

Amount

Goodwill

Debtors

Trade marks

Plant and machinery

Building

Furniture

10% Investment (1 – 10 – 2013)

Cash in hand

Cash at Bank

Stock on 31 – 3 – 2006

Bills receivable

Salaries

Telephone charges

Printing and stationery

Advertisement

Drawings:

Dhiraj

Rohit

Bad Debts

Interest on Bank loan

Rent paid in advance

Establishment

Environment protection expenses

Loss by fire

4000

20000

30000

25000

30000

5000

10000

1050

14650

17500

1500

5750

1600

150

250

 

2050

3000

250

3000

5000

5000

5000

1000

Capital:

Dhiraj

Rohit

Creditors

Bills payable

Reserves

Interest on investments

Provision for doubtful debts

15% Bank loan (1 – 4 – 2013)

Commission received in advance

Trading account (Gross Profit)

Outstanding Wages

Workmen compensation reserve

Sundry Receipts

Sales tax payable

 

40000

20000

12500

2000

11000

300

1100

30000

1000

56850

5000

5000

5000

1000

190750

190750

Prepare a Profit and loss Account, a Profit and loss appropriation Account for the year ended on 31st march 2014 and also a balance sheet as on that date after taking in to account the following adjustments:

a.    Plant and machinery to be depreciated at 10% and furniture at 15%

b.   Outstanding expenses: Salaries Rs. 300, Interest on Bank overdraft Rs. 225.

c.    Machine worth Rs. 15000 purchased on 1st October, 2010.

d.   Some Interest on investment due but not received within the accounting year.

e.   A further bad debt of Rs. 250 is to be written off and provision for doubtful debts is to be maintained at 4% on sundry debtors.

f.     Each of the partners are entitled to interest on capital @5% per annum and salary @ Rs. 2000 per annum.

a.    Interest on partner’s drawings is charged @ 5% p.a.

g.    Create a general reserve by taking Rs. 5000 of profits.

h.   Provide manager’s commission @ 5% on net profit after charging such commission.

i.      Insurance claim on loss by fire Rs. 600.

j.     1/5th of advertising written off.

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