KIRAN TUTORIALS DATE: 22-05-25

12th (Commerce)
(DPP) TIME: 1 hour

Accounts-(01) MARKS: 144

SEAT NO:

Q.1 Answer the following (Introduction to Partnership and Partnership Final Accounts): 144
1 Varsha and Harsha are partners sharing profits and losses in their capital ratio. You are required to prepare Trading Account, Profit and Loss Account for the
year ending 31st March, 2020 and Balance sheet as on that date:

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Adjustments:
1. Stock on 31st March, 2020 was valued at Rs. 74,000.
2. Depreciation on Plant and Machinery @ 5% p.a.
3. Partners are entitled to get Interest on Capital at 5% p.a.
4. Outstanding expenses: Salaries Rs.700.
5. Provide further Bad debts of Rs.1,680 on Sundry debtors.

Ans
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 KIRAN TUTORIALS

2 Rohan and Roshan are partners in 'Shan Traders' sharing profits and losses in the ratio of 2:1. From the following Trial Balance and adjustments prepare Trading
and Profit and Loss Account for the year ended 31st March,2011 and Balance Sheet as on that date.

Adjustments:
 (1) Closing stock: Cost price Rs. 25,000 and market price Rs. 30,000.
(2) An amount of Rs. 3,500 spent for repairs to Building is debited to Building account.
(3) Depreciate Plant and Machinery and Building at 5% p.a.
(4) Goods of Rs. 750 taken by Roshan for his personal use.
(5) Included in wages advances given to workers Rs. 3,000.
(6) Provide Rs. 1,500 for Bad and Doubtful Debts on Debtors.
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Working Notes:
 Repairs to Building Rs. 3,500 is revenue expenditure. It is first debited to Profit and Loss A/c and then deducted from Land and
(1)
Building Rs. 83,500.
(2) Goods of Rs. 750 taken over by Roshan is first credited to Tradng A/c and then debited to Roshan's Capital A/c.
Advances given against Wages Rs. 3,000 is first deducted from Wages on debit side of Trading A/c and then shown on the Assets side
(3)
of Balance Sheet.
(4) Closing Stock is recorded at cost Rs. 25,000 which is less than market price Rs. 30,000.
(5) Unpaid Wages Rs. 1,500 given in the Trial Balance is shown on the liabilities side of Balance Sheet.
3 Given below is the Trial Balance of M/s Seeta and Geeta as on 31st March, 2010. You are required to prepare Trading and Profit and Loss Account for the year
ended 31st March, 2010 and Balance Sheet on that date.

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Adjustments:
(1) Stock on hand on 31st March, 2010 was valued at Rs. 80,000.
(2) Goods costing Rs. 16,000 were destroyed by fire and Insurance company admitted a claim of
Rs. 13,000.
(3) Provide for outstanding expenses: Salaries Rs. 3,000, Wages Rs. 2,400.
(4) Depreciate Machinery at 10% p.a. and Land and Building at 5% p.a.
(5) Create Reserve for Bad and Doubtful Debts at 5% on Sundry Debtors.
(6) Legal charges paid in advance Rs. 1,200.
(7) Provide interest on capital at 8% p.a.
Ans

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4 Given below is the Trial Balance of M/s Mahesh and Umesh, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March,
2013 and Balance Sheet as on that date. Profit sharing ratio of Mahesh and Umesh was 3/5th and 2/5 respectively.

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Adjustments:
(1) Stock on hand on 31st March, 2013 was valued at Rs. 76,000.
(2) Interest on partner’s capital at 5% p.a. was allowed.
(3) Goods worth Rs. 2,000 and Rs. 1,500 withdrawn by Mahesh and Umesh respectively for their personal use.
(4) Mahesh is entitled to get salary of Rs. 6,500 and Umesh is to be given 2% commission on sales.
(5) Rs. 2,500 due from customer is not recoverable.
(6) Depreciate Motor Van at 8% p.a. and Building at 7% p.a.
Ans

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 Working Notes:
1. Interest on capital: Mahesh = 1,62,000 × 1 × 5/100 = Rs. 8,100
Umesh = 1,08,000 × 1 × 5/100 = Rs. 5,400
2. Goods withdrawn Mahesh Rs. 2,000 and Umesh Rs. 1,500 are first credited to Trading a/c and thend debited to their Current Accounts.
3. Commission given to Umesh = 2% on Sales = 2/100 × 4,20,000 = Rs. 8,400
It is first debited to Profit and Loss a/c and then credited to Partner's Current A/c.
4. Depreciation on motor Van = (Value of Motor Van) × (Period) × (Rate of depreciation)
= 88,000 × 1 × 8/100 = Rs. 7,000
Depreciation on Building 1,50,000 × 1 × 7/100 = Rs. 10,500
5 Sanjay and Sudhir are partners sharing profit and losses in the ratio 3:2. The Trial Balance of the firm on 31st March, 2010 as follows:

Adjustments:
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(1) Stock on hand on 31st March, 2010 was at Rs. 35,000.
(2) Write off Rs. 2,000, for further Bad debts and maintain R.D.D. at 5% on debtors.
(3) Depreciate Land and Building at 5% and Machinery at 10%.
(4) Outstanding expenses were wages Rs. 2,000 and salary Rs. 1,000.
(5) Credit purchases amounted to Rs. 4,000 were not recorded in the books of accounts.
(6) Provide interest on Partners Capital at 5%. p.a.
From the above Trial Balance and adjustments prepare Trading and Profit and Loss Account for the year ended 31st March, 2012 and Balance Sheet as on that
date.
Ans

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6 Madhuri and Minakshi are in partnership sharing profits and losses in the ratio 3:2. From the following Trial Balance and adjustments given below, you are
required to prepare Trading and Profit and Loss Account for the year ended 31st March 2012 and Balance Sheet on that date.

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Adjustments:
(1) Stock on hand on 31st March, 2012 was valued at Rs. 1,10,000.
(2) Depreciate Plant and Machinery at 10% p.a. and Building at 5% p.a.
(3) Prepaid Insurance is Rs. 1,500.
(4) Create R.D.D. at 5% on Sundry Debtors.
(5) Partners are allowed interest at 5% p.a. on their capitals.
(6) Salaries include Rs. 2,500 as advance to workers.
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Working Notes:
1. Interest on bank loan = (Loan Amount) × (Period) × (Rate of interest)
= 1,00,000 × (6 months i.e. from 1/10/11 to 31/3/12) × 8%
= 1,00,000 × 6/12 × 8/100 = Rs. 4,000.
Advance given to workers Rs. 2,500 is first deducted from salaries on the debit side of profit and loss a/c and
2.
then shown the same on the assets side of balance sheet.
7 Asha and Nisha are partners sharing profits and losses in equal ratio. From the following Trial Balance and adjustments you are required to prepare Final
Accounts:
 Adjustments:
1. Closing stock is valued at cost Rs. 88,000 and market price Rs.90,000.
2. Asha and Nisha withdrew goods from business Rs.3,000 and Rs.2,000 respectively for their personal use.
3. Depreciate Motor Van by 5% and Plant and Machinery by 7%.
4. Reserve for Doubtful debts on Debtors at 5% is to be created.
5. Outstanding Wages Rs.800.

Ans
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 KIRAN TUTORIALS

8 From the following Trial Balance of M/s Sanjay and Vijay, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March,2013
and Balance Sheet as on that date after taking into consideration the adjustments given below.
 Adjustments:
(1) Closing Stock was valued at Rs. 30,000.
(2) Postage stamps of Rs. 250 and stationery of Rs. 400 are unused.
(3) Goods of Rs. 2,500 were distributed as free samples.
(4) Leasehold property is to be run for 10 years w.e.f. 1st October 2012.
(5) Depreciate Plant and Machinery at 10% p.a.
(6) Mr. Rajan, our customer became insolvent and could not pay his debts of Rs. 1,500.

Ans

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 KIRAN TUTORIALS

Working Notes:
 (1) Interest on Bank Loan = (Loan Amount) × (Period) × (Rate of interest)
= 60,000 × (6 months i.e. from 1/10/12 to 31/03/13) × 10%
= 60,000 × 6/12 × 10/100 = Rs. 3,000.
(2) Depreciation on Leasehold Premises = Value of Premises/10 × (period)
= 80,000/10 × (6 months i.e. from 1/10/12 to 31/03/13)
= 80,000/10 × 6/12 = Rs. 4,000
(3) Amount of Rs. 1,500 irrecoverable from insolvent customer Mr. Rajan is considered as Naw Bad debts.
Unused postage stamps Rs. 250 and Stationery Rs. 400 are first deducted form respective head of a/c on the debit side of Profit and
(4)
Loss a/c and then shown on the Assets side of Balance.
9 From the following Trial Balance of M/s Kale and Gore, you are required to prepare Trading and Profit and Loss Account for the year ended 21st March, 2013 and
balance Sheet on that date. They share profits and Losses in their capital ratio.

Adjustments: KIRAN TUTORIALS

(1) Closing stock was valued at cost Rs. 76,000 while its market price was Rs. 80,000.
(2) Uninsured good worth Rs. 10,000 was stolen.
(3) Goods worth Rs. 10,000 were sold and delivered on 31st March, 2013, but no entry is passed in the sales book.
(4) Depreciation Plant and Machinery at 10% and Motor Van at 15% p.a.
(5) Bills Receivable includes a dishonoured bills of Rs. 4,000.
(6) Create a reserve for doubtful debts at 5% on Debtors.
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 KIRAN TUTORIALS

10 From the following Trial Balance of M/s Ajay and Vijay, you are required to prepared Trading and profit and loss Account for the year ended 31st march 2009
and Balance Sheet as on that date.
 Adjustments:
(1) The closing stock is valued at Rs. 31,000.
(2) Outstanding expenses were wages Rs. 1,400, salaries Rs. 800.
(3) Depreciate Plant and Machinery by 10%.
(4) Insurance at Rs. 500 is paid in advance.
(5) Provide for further bad debts of Rs. 1,500.
(6) Commission due but not received Rs. 1,200.

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KIRAN TUTORIALS
11 Given below is the Trial Balance of M/s Roma and Mona partnership firm. Prepare Trading and Profit and Loss Account for the year ended 31st March, 2012 and
Balance Sheet as on the date.
Trial Balance as on 31st March, 2012
Debit Balance Amount (Rs.) Credit Balance Amount (Rs.)
Stock on 1st April, 2011 52,000 Provident Fund 50,000
Sundry Debtors 84,000 Interest on P.F. Investment 2,800
Bad debts 3,000 Sundry Creditors 84,000
Premises 77,000 Rent received 9,600
Salaries 28,000 Reserve for Doubtful Debts 2,000
Motor Vehicle 50,000 Discount received 3,600
Purchases 1,76,000 Sales 3,20,000
Provident Fund Investment 50,000 Capital A/cs:
Provident Fund contribution 5,5000 Roma 50,000

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Wages 22,000 Mona 50,000
Rent (for 10 months) 16,000
Office Expenses 5,000
Discount allowed 2,500
Cash in hand 1,000
5,72,000 5,72,000
Adjustments:
(1) Stock on 31st March, 2012 was valued at Rs. 80,000.
Goods of Rs. 6,000 were sold and dispatched on 27th March, 2012, but no entry was made in the books of
(2)
accounts.
(3)Write off Bad Debts of Rs. 4,000 and provide for Reserve for Doubtful Debts at 5% on Sundry Debtors.
(4)Provide Reserve for Discount on Debtors at 2% and on Creditors at 3%.
(5)Outstanding Wages Rs. 4,000 and Outstanding Salaries Rs. 3,066.
(6)Depreciate Motor Vehicle at 5% p.a.
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12 Mohini and Rohini are in partnership firm sharing profits and losses equally. From the following Trail Balance and adjustments given below, you are required to
prepare Trading and Profit and Loss Account for the year ended 31st March, 2010 and Balance Sheet as on that date.

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Adjustments:
(1) Closing stock was valued at market price Rs. 92,000 which is 15% above its cost price.
(2) Goods costing Rs. 3,000 purchased and received on 31st March, 2010 were not recorded in the purchase book.
(3) Depreciate Machinery at 10% p.a.
(4) Outstanding Wages were Rs. 2,500.
(5) Goods of Rs. 2,000 were taken by Mohini for personal use but no entry was made in the books of account.
(6) Maintain in R.D.D. at 5% on Sundry Debtors.
Ans

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