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BOOK-KEEPING & ACCOUNTANCY
SOLUTIONS STD. XII
Printed at: Repro Knowledgecast Ltd., Mumbai
10310_10540_JUP
Written as per the revised syllabus prescribed by the Maharashtra State Board
of Secondary and Higher Secondary Education, Pune.
P.O. No. 22956
Salient Features
• Solutions to all the Textual and Practice Problems
• Accurate solutions with precise formats
• Working Notes to simplify the problems
• Systematic presentation to alleviate the learning process
• Self evaluative in nature
Preface
"Std. XII Commerce: Book‐Keeping and Accountancy Solutions" has been designed to complement the “Std. XII
Commerce: Book‐Keeping and Accountancy” book. This book will enable the student to verify the solutions and
solve the questions independently. The book includes accurate solutions to all the Textual and Practice Problems with precise formats. Working
Notes have been provided to simplify the various complicated adjustments in the problems. The systematic and
consistent presentation of solutions alleviates the learning process for the student. We are sure, this study material will turn out to be a powerful resource for the students and facilitate them in
understanding the concepts of this subject in the most lucid way. The journey to create a book is strewn with triumphs, failures and near misses. If you think we've nearly missed
something or want to applaud us for our triumphs, we'd love to hear from you.
Please write to us at: [email protected]
Best of luck to all the aspirants! Yours faithfully,
Publisher
Sr. No. Chapter Page No.
2. Partnership Final Accounts 1
3. Reconstitution of Partnership (Admission of Partner) 82
4. Reconstitution of Partnership (Retirement of Partner) 137
5. Reconstitution of Partnership (Death of Partner) 169
6. Dissolution of Partnership Firm 191
7. Accounts of ‘Not for Profit’ Concerns 248
8. Single Entry System 286
9. Bill of Exchange (Trade Bill) 317
10. Company Accounts Part I (Accounting for Shares) 386
11. Company Accounts Part II (Accounting for Debentures) 419
12. Analysis of Financial Statements 440
Note: All Textual questions are represented by * mark.
1
Chapter 02: Partnership Final Accounts
*Sol. Q.1.: In the Books of Firm
Trading Account for the year ended 31st Mar, 2009 Dr. Cr.
Particulars Amount
` Amount
`Particulars
Amount
` Amount
`To Opening Stock 18,000 By Sales 85,000
To Purchases 46,700 By Closing Stock 31,000
To Wages 9,900
Add: Outstanding Wages 1,400 11,300
To Carriage 3,200 To Gross Profit c/d 36,800
1,16,000 1,16,000
Profit and Loss Account for the year ended 31st Mar, 2009 Dr. Cr.
Particulars Amount
` Amount
`Particulars
Amount
` Amount
`To Reserve for Bad & By Gross Profit b/d 36,800
Doubtful Debts By Commission 1,800
Old Bad Debts 400 Add: Outstanding 1,200 3,000
Add: New Bad Debts 1,500
Add: New R.D.D.
Less: Old R.D.D. – 1,900
To Commission 4,600
To Postage and Telegram 3,600
To Insurance 1,200
Less: Prepaid Insurance 500 700
To Depreciation on Plant and
Machinery 4,070
To Salaries 10,500
Add: Outstanding Salaries 800 11,300 To Net Profit c/d
Ajay 6,815
Vijay 6,815 13,630 39,800 39,800
Partner’s Capital Account Dr. Cr.
Particulars Ajay
` Vijay
`Particulars
Ajay
` Vijay
` By Balance b/d 60,000 35,000
To Balance c/d 66,815 41,815 By Profit & Loss A/c 6,815 6,815 66,815 41,815 66,815 41,815
Textual Problems
Partnership Final Accounts 02
2
2
Std. XII : Commerce
Balance Sheet as on 31st Mar, 2009
Liabilities Amount
` Amount
`Assets
Amount `
Amount`
Capital Sundry Debtors 28,000 Ajay 66,815 Less: Bad debts 1,500 26,500
Vijay 41,815 1,08,630 Bills Receivable 5,000
Outstanding Expenses Investments 13,500Wages 1,400 Prepaid Insurance 500Salaries 800 2,200 Plant & Machinery 40,700
Sundry Creditors 25,000 Less: Depreciation (10%) 4,070 36,630
Bills Payable 6,000 Furniture 18,000 Cash in Hand 2,500 Prepaid Rent 7,000 Commission Receivable 1,200 Closing Stock 31,000 1,41,830 1,41,830
*Sol. Q.2.: In the Books of Firm
Trading Account for the year ended 31st Mar, 2010 Dr. Cr.
Particulars Amount
` Amount
`Particulars
Amount `
Amount`
To Opening Stock 20,000 By Sales 70,000To Purchases 30,000 By Closing Stock 35,000Add: Unrecorded Purchases 4,000 34,000
To Wages 5,000 Add: Outstanding Wages 2,000 7,000
To Power and Fuel 3,000 To Gross Profit c/d 41,000 1,05,000 1,05,000
Profit and Loss Account for the year ended 31st Mar, 2010
Dr. Cr.
Particulars Amount
` Amount
`Particulars
Amount `
Amount`
To Reserve for Bad & By Gross Profit b/d 41,000Doubtful Debts By Discount 5,000Old Bad Debts Add: New Bad Debts 2,000 Add: New R.D.D. 500 Less: Old R.D.D. – 2,500
To Depreciation Land and Building 1,500 Machinery 2,500 4,000
To Salaries 10,000 Add: Outstanding Salaries 1,000 11,000
To Advertisement 6,000 Less: Prepaid (1 year) 3,000 3,000
To Insurance 2,000 To Rent 10,000 To Interest on Capital
Sanjay 2,000
Sudhir 1,500 3,500
3
Chapter 02: Partnership Final Accounts
To Net Profit c/d
Sanjay 6,000
Sudhir 4,000 10,000
46,000 46,000
Partner’s Capital Account
Dr. Cr.
Particulars Sanjay
`
Sudhir
`Particulars
Sanjay
`
Sudhir
`
To Drawings A/c 2,000 3,000 By Balance b/d 40,000 30,000
By Interest on Capital A/c 2,000 1,500
To Balance c/d 46,000 32,500 By Profit & Loss A/c 6,000 4,000
48,000 35,500 48,000 35,500
Balance Sheet as on 31st Mar, 2010
Liabilities Amount
`
Amount
`Assets
Amount
`
Amount
`
Capital Debtors 12,000
Sanjay 46,000 Less: Bad Debts 2,000
Sudhir 32,500 78,500 10,000
Outstanding Expenses: Less: R.D.D. (5%) 500 9,500
Wages 2,000 Land and Building 30,000
Salaries 1,000 3,000 Less: Depreciation (5%) 1,500 28,500
Sundry Creditors 21,000 Plant & Machinery 25,000
Add: Unrecorded Purchases 4,000 25,000 Less: Depreciation (10%) 2,500 22,500
Bills Payable 20,000 Furniture 16,000
Outstanding Rent 1,500 Prepaid Advertisement 3,000
Bills Receivable 8,000
Cash in Hand 5,500
Closing Stock 35,000
1,28,000 1,28,000 *Sol. Q.3.: In the Books of Firm
Trading Account for the year ended 31st Mar, 2011
Dr. Cr.
Particulars Amount
`
Amount
` Particulars
Amount
`
Amount
`
To Opening Stock 32,000 By Sales 1,93,500
To Purchases 64,000 Less: Return Inward 3,500 1,90,000
Less: Return Outward 2,500 61,500 By Goods withdrawn by
To Carriage 1,500 Roshan 750
To Wages and Salaries 35,000
Less: Advance (Prepaid) 3,000 32,000 By Closing Stock 25,000 To Gross Profit c/d 88,750 2,15,750 2,15,750
4
4
Std. XII : Commerce
Profit and Loss Account for the year ended 31st Mar, 2011
Dr. Cr.
Particulars Amount
`
Amount
` Particulars
Amount
`
Amount
`
To Reserve for Bad & Doubtful Debts
By Gross Profit b/d 88,750
Old Bad Debts 1,750
Add: New Bad Debts
Add: New R.D.D. 1,500
Less: Old R.D.D. 3,250
To Depreciation
Plant and Machinery 1,500
Building 4,000 5,500
To Conveyance 4,000
To Rent, Rates and Taxes 2,000
To Repairs of Building 3,500 To Net Profit c/d
Rohan 47,000
Roshan 23,500 70,500 88,750 88,750
Partner’s Capital Account
Dr. Cr.
Particulars Rohan
`
Roshan
` Particulars
Rohan
`
Roshan
`
To Drawings A/c 750 By Balance b/d 90,000 50,000
By Profit & Loss A/c 47,000 23,500
To Balance c/d 1,37,000 72,750 1,37,000 73,500 1,37,000 73,500
Balance Sheet as on 31st Mar, 2011
Liabilities Amount
`
Amount
` Assets
Amount
`
Amount
`
Capital Plant and Machinery 30,000
Rohan 1,37,000 Less: Depreciation (5%) 1,500 28,500
Roshan 72,750 2,09,750 Furniture 18,500
Sundry Creditors 15,000 Bills Receivable 5,000
Unpaid Wages 1,500 Sundry Debtors 32,000
Less: R.D.D. 1,500 30,500
Cash in Hand 14,750
Land & Building 83,500
Less: Repairs of Building 3,500
80,000
Less : Depreciation (5%) 4,000 76,000
Patents 25,000
Prepaid Wages 3,000
Closing Stock 25,000 2,26,250 2,26,250
5
Chapter 02: Partnership Final Accounts
*Sol. Q.4.: In the Books of Firm
Trading Account for the year ended 31st Mar, 2012
Dr. Cr.
Particulars Amount
` Amount
` Particulars
Amount `
Amount`
To Opening Stock 52,000 By Sales 3,20,000 To Purchases 1,76,000 Add: Unrecorded Sales 6,000 3,26,000
To Wages 22,000 By Closing Stock 80,000Add: Outstanding Wages 4,000 26,000
To Gross Profit c/d 1,52,000 4,06,000 4,06,000
Profit and Loss Account for the year ended 31st Mar, 2012 Dr. Cr.
Particulars Amount
` Amount
` Particulars
Amount `
Amount`
To Reserve for Bad & Doubtful By Gross Profit b/d 1,52,000Debts By Reserve for Discount on Old Bad Debts 3,000 Creditors Add: New Bad Debts 4,000 Old Discount of Creditors Add: New R.D.D. 4,300 Add: New Discount on Less: Old R.D.D. 2,000 9,300 Creditors
To Reserve for Discount on Add: New Reserve for Debtors Discount on Creditors 2,520 Old Discount on Debtors Less: Old Reserve for Add: New Discount Discount on Creditors 2,520
on Debtors By Rent Received 9,600Add: New Reserve for By Discount Received 3,600Discount on Debtors 1,634 Less: Old Reserve for Discount on Debtors 1,634
To Salaries 28,000 Add: Outstanding Salaries 3,066 31,066
To Providend Fund Contribution 5,500 To Rent 16,000 Add: Outstanding Rent 3,200 19,200
To Office Expenses 5,000 To Discount Allowed 2,500 To Depreciation on Motor Vehicle 2,500 To Net Profit c/d Roma 45,510 Mona 45,510 91,020
1,67,720 1,67,720
Partner’s Capital Account Dr. Cr.
Particulars Roma
` Mona
` Particulars
Roma `
Mona`
By Balance b/d 50,000 50,000To Balance c/d 95,510 95,510 By Profit & Loss A/c 45,510 45,510 95,510 95,510 95,510 95,510
6
6
Std. XII : Commerce
Balance Sheet as on 31st Mar, 2012
Liabilities Amount
` Amount
` Assets
Amount `
Amount `
Capital Sundry Debtors 84,000
Roma 95,510 Add: Unrecorded Sales 6,000
Mona 95,510 1,91,020 90,000
Outstanding Expenses: Less: Bad Debt 4,000
Wages 4,000 86,000 Salaries 3,066 Less: R.D.D. (5%) 4,300
Rent 3,200 10,266 81,700
Provident Fund 50,000 Less: New Reserve for
Interest on P.F. Investments 2,800 Discount on Debtors 1,634 80,066
Sundry Creditors 84,000 Premises 78,000Less: New Reserve on Creditors 2,520 81,480 Motor Vehicle 50,000
Less : Depreciation (5%) 2,500 47,500
Provident Fund Investments 50,000
Closing Stock 80,000 3,35,566 3,35,566
*Sol. Q.5.: In the Books of Firm
Trading Account for the year ended 31st Mar, 2013 Dr. Cr.
Particulars Amount
` Amount
` Particulars
Amount `
Amount `
To Opening Stock 28,000 By Sales 2,12,000
To Purchases 1,16,400 Add: Unrecorded Sales 10,000 2,22,000
To Royalties 6,200 By Goods Stolen 10,000
To Wages and Salaries 14,800 By Closing Stock 76,000To Trade Expenses 2,400 To Gross Profit c/d 1,40,200 3,08,000 3,08,000
Profit and Loss Account for the year ended 31st Mar, 2013 Dr. Cr.
Particulars Amount
` Amount
` Particulars
Amount `
Amount `
To Reserve for Bad & Doubtful Debts
By Gross Profit b/d 1,40,200
Old Bad Debts 1,000
Add: New Bad Debts
Add: New R.D.D. 3,700
Less: Old R.D.D. 1,800 2,900
To Depreciation
Plant and Machinery 4,400 Motor Van 9,450 13,850
To Advertisement 8,200
To Salaries 11,000
To Office Rent 4,000 To General Expenses 2,800
To Loss by Theft 10,000
7
Chapter 02: Partnership Final Accounts
To Net Profit c/d Kale 58,300 Gore 29,150 87,450
1,40,200 1,40,200
Partner’s Capital Account
Dr. Cr.
Particulars Kale
` Gore
` Particulars
Kale `
Gore `
By Balance b/d 80,000 40,000To Balance c/d 1,38,300 69,150 By Profit & Loss A/c 58,300 29,150 1,38,300 69,150 1,38,300 69,150
Balance Sheet as on 31st Mar, 2013
Liabilities Amount
` Amount
` Assets
Amount `
Amount `
Capital Plant and Machinery 44,000 Kale 1,38,300 Less: Depreciation (10%) 4,400 39,600
Gore 69,150 2,07,450 Freehold Property 36,000
Sundry Creditors 54,000 Motor Van 63,000 Bills Payable 36,000 Less: Depreciation (15%) 9,450 53,550
Bills Receivable 16,000 Less: Dishonoured 4,000 12,000
Sundry Debtors 60,000 Add: Bill Dishonoured 4,000
64,000 Add: Unrecorded Sales 10,000
74,000 Less: R.D.D. (5%) 3,700 70,300
Cash in Hand 10,000 Closing Stock 76,000 2,97,450 2,97,450
*Sol. Q.6.: In the Books of Firm
Trading Account for the year ended 31st Mar, 2010 Dr. Cr.
Particulars Amount
` Amount
` Particulars
Amount `
Amount `
To Opening Stock 88,000 By Sales 3,08,000To Purchases 1,76,000 By Goods destroyed by Fire 16,000To Wages 23,500 By Closing Stock 80,000Add: Outstanding Wages 2,400 25,900
To Gross Profit c/d 1,14,100 4,04,000 4,04,000
Profit and Loss Account for the year ended 31st Mar, 2010 Dr. Cr.
Particulars Amount
` Amount
` Particulars
Amount `
Amount `
To Reserve for Bad & By Gross Profit b/d 1,14,100Doubtful Debts By Interest on Investments Old Bad Debts 4,000 (Accrued) 1,600
8
8
Std. XII : Commerce
Add: New Bad Debts
Add: New R.D.D. 4,100
Less: Old R.D.D. 8,100
To Depreciation
Land and Building 6,500
Machinery 9,000 15,500
To Salaries 15,000
Add: Outstanding Salaries 3,000 18,000
To Office Expenses 8,000
To Bank Charges 2,600
To Legal Charges 3,000
Less: Prepaid Legal Charges 1,200 1,800
To Interest 3,600
To Export Duty 3,800
To Travelling Expenses 3,200
To Electricity Charges 2,300
To Loss by Fire 3,000
To Interest on Capital
Seeta 9,600
Geeta 9,600 19,200 To Net Profit c/d
Seeta 13,300
Geeta 13,300 26,600 1,15,700 1,15,700
Partner’s Current Account Dr. Cr.
Particulars Seeta
` Geeta
` Particulars
Seeta
` Geeta
` To Balance b/d – 4,000 By Balance b/d 5,000 –
By Interest on Capital A/c 9,600 9,600
To Balance c/d 27,900 18,900 By Profit & Loss A/c 13,300 13,300 27,900 22,900 27,900 22,900
Balance Sheet as on 31st Mar, 2010
Liabilities Amount
` Amount
` Assets
Amount
` Amount
` Capital A/c’s: Machinery 90,000
Seeta 1,20,000 Less: Depreciation (10%) 9,000 81,000
Geeta 1,20,000 2,40,000 Land and Building 1,30,000
Current A/c’s: Less: Depreciation (5%) 6,500 1,23,500
Seeta 27,900 Sundry Debtors 82,000
Geeta 18,900 46,800 Less: R.D.D. (5%) 4,100 77,900
Outstanding Expenses: Furniture 37,000
Wages 2,400 8% Debentures 40,000
Salaries 3,000 5,400 Add: Interest Receivable 1,600 41,600
Sundry Creditors 1,03,000 Insurance Claim 13,000
Bank Overdraft 60,000 Closing Stock 80,000
Prepaid Legal Charges 1,200 4,55,200 4,55,200
9
Chapter 02: Partnership Final Accounts *Sol. Q.7.: In the Books of Firm
Trading Account for the year ended 31st Mar, 2012
Dr. Cr.
Particulars Amount
` Amount
` Particulars
Amount
` Amount
` To Opening Stock 90,000 By Sales 8,10,000
To Purchases 6,50,000 By Closing Stock 1,10,000
To Carriage 7,000
To Wages 35,000
To Gross Profit c/d 1,38,000 9,20,000 9,20,000
Profit and Loss Account for the year ended 31st Mar, 2012
Dr. Cr.
Particulars Amount
` Amount
` Particulars
Amount
` Amount
` To Reserve for Bad & Doubtful Debts
By Gross Profit b/d 1,38,000
Old Bad Debts 3,000
Add: New Bad Debts
Add: New R.D.D. 7,500
Less: Old R.D.D. 10,500
To Salaries 28,000
Less: Prepaid Salaries 2,500 25,500
To Postage & Telegram 4,000
To Rent 4,000
To Discount 3,200
To Depreciation
Plant and Machinery 12,000
Building 20,000 32,000
To Insurance 5,000
Less: Prepaid Insurance 1,500 3,500
To Interest on Capital
Madhuri 15,000
Minakshi 10,000 25,000
To Interest on Bank Loan 4,000 To Net Profit c/d
Madhuri 15,780
Minakshi 10,520 26,300 1,38,000 1,38,000 Partner’s Capital Account
Dr. Cr.
Particulars Madhuri
` Minakshi
` Particulars
Madhuri
` Minakshi
` To Drawings A/c 10,000 5,000 By Balance b/d 3,00,000 2,00,000
By Interest on Capital A/c 15,000 10,000
To Balance c/d 3,20,780 2,15,520 By Profit & Loss A/c 15,780 10,520 3,30,780 2,20,520 3,30,780 2,20,520
10
10
Std. XII : Commerce
Balance Sheet as on 31st Mar, 2012
Liabilities Amount
` Amount
` Assets
Amount `
Amount`
Capital Building 4,00,000 Madhuri 3,20,780 Less: Depreciation (5%) 20,000 3,80,000
Minakshi 2,15,520 5,36,300 Plant and Machinery 1,20,000
Sundry Creditors 1,00,000 Less: Depreciation (10%) 12,000 1,08,000
Outstanding Salaries 4,200 Sundry Debtors 1,50,000 8% Bank Loan 1,00,000 Less: R.D.D. (5%) 7,500 1,42,500
Add: Interest Payable 4,000 1,04,000 Prepaid Expenses:
Salaries 2,500 Insurance 1,500 4,000
Closing Stock 1,10,000 7,44,500 7,44,500
*Sol. Q.8.: In the Books of Firm
Trading Account for the year ended 31st Mar, 2013 Dr. Cr.
Particulars Amount
` Particulars
Amount`
To Opening Stock 83,000 By Sales 4,20,000To Purchases 1,97,000 By Goods withdrawn for To Carriage 7,000 Personal Use To Wages 7,500 Mahesh 2,000 To Motive Power 15,000 Umesh 1,500 3,500
By Closing Stock 76,000To Gross Profit c/d 1,90,000 4,99,500 4,99,500
Profit and Loss Account for the year ended 31st Mar, 2013 Dr. Cr.
Particulars Amount
` Amount
` Particulars
Amount `
Amount`
To Reserve for Bad & Doubtful Debts
By Gross Profit b/d 1,90,000
Old Bad Debt 6,400 Add: New Bad Debt 2,500 Add: New R.D.D. Less: Old R.D.D. 8,900
To Depreciation Building 10,500 Motor Van 7,040 17,540
To Salary 13,000 To Audit Fees 8,500 To Printing and Stationery 4,000 To Interest on Capital Mahesh 8,100 Umesh 5,400 13,500
To Mahesh’s Salary 6,500 To Umesh’s Commission 8,400 To Net Profit c/d Mahesh 65,796 Umesh 43,864 1,09,660
1,90,000 1,90,000
11
Chapter 02: Partnership Final Accounts
Partner’s Current Account Dr. Cr.
Particulars Mahesh
` Umesh
` Particulars
Mahesh `
Umesh`
To Drawings A/c (Goods) 2,000 1,500 By Balance b/d 16,200 10,800 By Interest on Capital A/c 8,100 5,400 By Salary A/c 6,500 By Commission A/c 8,400To Balance c/d 94,596 66,964 By Profit and Loss A/c 65,796 43,864 96,596 68,464 96,596 68,464
Balance Sheet as on 31st Mar, 2013
Liabilities Amount
` Amount
` Assets
Amount `
Amount`
Capital A/c’s: Building 1,50,000 Mahesh 1,62,000 Less: Depreciation (7%) 10,500 1,39,500
Umesh 1,08,000 2,70,000 Debtors 96,000
Current A/c’s: Less: Bad Debts 2,500 93,500
Mahesh 94,596 Machinery 72,000Umesh 66,964 1,61,560 Motor Van 88,000
Sundry Creditors 99,000 Less: Depreciation (8%) 7,040 80,960
Bank Overdraft 56,400 Cash at Bank 52,000 Investments 56,000 Loose Tools 17,000 Closing Stock 76,000 5,86,960 5,86,960
*Sol. Q.9.: In the Books of Firm
Trading Account for the year ended 31st Mar, 2010 Dr. Cr.
Particulars Amount
` Amount
` Particulars
Amount `
Amount`
To Opening Stock 25,000 By Sales 4,30,000To Purchases 2,20,000 By Goods withdrawn for Add: Unrecorded Purchases 3,000 2,23,000 Personal Use by Mohini 2,000
To Wages and Salaries 23,000 By Closing Stock 80,000Add: Outstanding 2,500 25,500
To Manufacturing Expenses 9,000 To Factory Insurance 5,000 To Import Duty 11,500 To Gross Profit c/d 2,13,000 5,12,000 5,12,000
Profit and Loss Account for the year ended 31st Mar, 2010 Dr. Cr.
Particulars Amount
` Amount
` Particulars
Amount `
Amount`
To Reserve for Bad & By Gross Profit b/d 2,13,000Doubtful Debts By Discount 3,500Old Bad Debts By Interest on Government Add: New Bad Debts bonds 4,500Add: New R.D.D. 2,250 Less: Old R.D.D. 2,250
12
12
Std. XII : Commerce
To Discount 4,000
To Depreciation on Plant and
Machinery 7,500
To Advertisement 10,000
Less: Prepaid Advertisement 8,750 1,250
To Salaries and Wages 45,000
To Warehouse Rent 6,000 To Net Profit c/d
Mohini 77,500
Rohini 77,500 1,55,000 2,21,000 2,21,000
Partner’s Capital Account Dr. Cr.
Particulars Mohini
` Rohini
` Particulars
Mohini
` Rohini
` To Drawings A/c 2,000 By Balance b/d 1,20,000 90,000
By Profit and Loss A/c 77,500 77,500
To Balance c/d 1,95,500 1,67,500 1,97,500 1,67,500 1,97,500 1,67,500
Balance Sheet as on 31st Mar, 2010
Liabilities Amount
` Amount
` Assets
Amount
` Amount
` Capital Sundry Debtors 45,000
Mohini 1,95,500 Less: R.D.D. 2,250 42,750
Rohini 1,67,500 3,63,000 Bills Receivable 50,000
Sundry Creditors 35,000 Factory Building 1,30,000
Add: Unrecorded Purchases 3,000 38,000 Plant and Machinery 75,000
Bills Payable 45,000 Less: Depreciation (10%) 7,500 67,500
Outstanding Wages 2,500 Prepaid Advertisement 8,750
Cash in Hand 5,000
10% Government Bond 60,000
Add: Interest Receivable 4,500 64,500
Closing Stock 80,000 4,48,500 4,48,500
*Sol. Q.10.: In the Books of Firm
Trading Account for the year ended 31st Mar, 2013
Dr. Cr.
Particulars Amount
` Amount
` Particulars
Amount
` Amount
` To Opening Stock 23,500 By Sales 1,10,000
To Purchases 98,500 By Goods Distributed as Free
To Wages and Stationery 14,000 Samples 2,500
To Import Duty 2,100 By Closing Stock 30,000 To Gross Profit c/d 4,400 1,42,500 1,42,500
13
Chapter 02: Partnership Final Accounts
Profit and Loss Account for the year ended 31st Mar, 2013
Dr. Cr.
Particulars Amount
`
Amount
` Particulars
Amount
`
Amount
`
To Reserve for Bad & By Gross Profit b/d 4,400
Doubtful Debts
Old Bad Debts 1,000
Add: New Bad Debts 1,500
Add: New R.D.D. –
Less: Old R.D.D. – 2,500
To Salaries and Wages 12,000
To Postage and Telegram 1,750
Less: Unused 250 1,500
To Advertisement 5,000
Add: Goods Distributed as Free Samples 2,500 7,500
To Carriage Outward 1,800
To Printing and Stationery 4,600
Less: Unused 400 4,200
To Depreciation
Leasehold Premises 4,000 By Net Loss c/d
Plant and Machinery (10%) 7,000 11,000 Sanjay 19,550
To Interest on Bank Loan 3,000 Vijay 19,550 39,100
43,500 43,500
Partner’s Capital Account
Dr. Cr.
Particulars Sanjay
`
Vijay
`Particulars
Sanjay
`
Vijay
`
To Profit and Loss A/c (Loss) 19,550 19,550 By Balance b/d 45,000 45,000
To Balance c/d 25,450 25,450 45,000 45,000 45,000 45,000
Balance Sheet as on 31st Mar, 2013
Liabilities Amount
`
Amount
`Assets
Amount
`
Amount
`
Capital Leasehold Premises 80,000
Sanjay 25,450 Less: Written Off 4,000 76,000
Vijay 25,450 50,900 Plant and Machinery 70,000
Sundry Creditors 72,700 Less: Depreciation (10%) 7,000 63,000
Bills Payable 40,000 Sundry Debtors 45,800
Outstanding Audit Fees 5,900 Less: Bad Debts 1,500 44,300
10% Bank Loan 60,000 Bills Receivable 16,700
Add: Interest Payable 3,000 63,000 Unused Postage Stamps 250
Unused Stationery 400
Cash in Hand 1,850
Closing Stock 30,000 2,32,500 2,32,500
14
14
Std. XII : Commerce Sol. Q.1.: In the Books of Firm
Trading Account for the year ended 31st Mar, 2012
Dr. Cr.
Particulars Amount
`
Amount
` Particulars
Amount
`
Amount
`
To Opening Stock A/c 20,000 By Sales A/c 3,50,000
To Purchases A/c 2,02,000 By Closing Stock A/c 40,000
Less: Return Outwards 2,000 2,00,000
To Wages A/c 10,000
Add: Outstanding Wages 2,000 12,000 To Gross Profit c/d 1,58,000 3,90,000 3,90,000
Profit and Loss Account for the year ended 31st Mar, 2012
Dr. Cr.
Particulars Amount
`
Amount
` Particulars
Amount
`
Amount
`
To Reserve for Bad & By Gross Profit b/d 1,58,000
Doubtful Debts A/c By Interest on Investment A/c 3,500
Old Bad Debts – Add: Accrued Interest 500 4,000
Add: New Bad Debts 1,000
Add: New R.D.D. –
Less: Old R.D.D. 1,000 –
To Salaries A/c 5,000
Add: Outstanding Salaries 1,000 6,000
To Insurance A/c 4,000
Less: Prepaid Insurance 500 3,500
To Rent & Taxes A/c 12,000
To Depreciation A/c
Building 5,000
Furniture 3,000 8,000 To Net Profit c/d
Amit 66,250
Vipul 44,167
Sumit 22,083 1,32,500 1,62,000 1,62,000
Partner’s Capital Account
Dr. Cr.
Particulars Amit
`
Vipul
`
Sumit
` Particulars
Amit
`
Vipul
`
Sumit
`
By Balance b/d 1,00,000 80,000 50,000
By Profit & Loss
To Balance c/d 1,66,250 1,24,167 72,083 A/c 66,250 44,167 22,083 1,66,250 1,24,167 72,083 1,66,250 1,24,167 72,083
Practice Problems
15
Chapter 02: Partnership Final Accounts
Balance Sheet as on 31st Mar, 2012
Liabilities Amount
` Amount
` Assets
Amount `
Amount`
Capital Debtors 80,000 Amit 1,66,250 Less: New Bad Debts Vipul 1,24,167 Written Off 1,000 79,000
Sumit 72,083 3,62,500 Furniture 30,000
Creditors 8,000 Less: Depreciation 10% 3,000 27,000
Bills Payable 4,000 Building 1,00,000 Outstanding Rent 2,000 Less: Depreciation 5% 5,000 95,000
Outstanding Expenses Prepaid Insurance 500Wages 2,000 Investment 50,000 Salaries 1,000 3,000 Add: Accrued Interest 500 50,500
Cash in Hand 17,500 Bills Receivable 30,000 Patent 40,000 Closing Stock 40,000 3,79,500 3,79,500
Working Notes: Calculation of amount of depreciation:
i. Building = 1,00,000 1212
5
100= ` 5,000 ii. Furniture = 30,000 12
12 10
100= ` 3,000
Sol. Q.2.: In the Books of Firm
Trading Account for the year ended 31st Mar, 2013 Dr. Cr.
Particulars Amount
` Amount
` Particulars
Amount `
Amount`
To Opening Stock A/c 1,80,000 By Sales A/c 5,25,000To Purchases A/c 2,40,000 By Closing Stock A/c 2,00,000To Carriage Inward A/c 12,000 To Gross Profit c/d 2,93,000 7,25,000 7,25,000
Profit and Loss Account for the year ended 31st Mar, 2013
Dr. Cr.
Particulars Amount `
Amount `
Particulars Amount
` Amount
` To Reserve for Bad & By Gross Profit b/d 2,93,000Doubtful Debts A/c By Rent A/c 22,000 Old Bad Debts – Less: Advance Rent 5,000 17,000
Add: New Bad Debts 20,000 Add: New R.D.D. – Less: Old R.D.D. – 20,000
To Salary and Wages A/c 24,000 Add: Outstanding Salary and Wages 6,000 30,000
To Insurance A/c 12,000 Less: Prepaid Insurance 3,000 9,000
To Discount A/c 9,000 To Travelling Expenses A/c 13,000 To Postage and Telegrams A/c 7,000
16
16
Std. XII : Commerce
To Depreciation A/c
Furniture 28,000 To Net Profit c/d Sanjay 97,000
Keshav 97,000 1,94,000 3,10,000 3,10,000
Partner’s Capital Account
Dr. Cr.
Particulars Sanjay
` Keshav
` Particulars
Sanjay `
Keshav `
By Balance b/d 5,00,000 3,00,000
By Profit & Loss A/c 97,000 97,000
To Balance c/d 5,97,000 3,97,000 5,97,000 3,97,000 5,97,000 3,97,000
Balance Sheet as on 31st Mar, 2013
Liabilities Amount
` Amount
` Assets
Amount `
Amount `
Capital Debtors 2,10,000Sanjay 5,97,000 Furniture 2,80,000
Keshav 3,97,000 9,94,000 Less: Depreciation 10% 28,000 2,52,000
Sundry Creditors 1,00,000 Land and Building 4,00,000Bills Payable 78,000 Prepaid Insurance 3,000
Outstanding Expenses Cash in Hand 38,000
Salary and Wages 6,000 Bills Receivable 80,000Advance Rent 5,000 Closing Stock 2,00,000 11,83,000 11,83,000
Sol. Q.3.: In the Books of Firm
Trading Account for the year ended 31st Mar, 2012 Dr. Cr.
Particulars Amount
` Amount
`Particulars
Amount `
Amount `
To Opening Stock 25,000 By Sales 1,42,600
To Purchases 90,000 By Goods Taken Over 3,000
To Wages 24,000 By Closing Stock 18,500 To Factory Expenses 8,000 To Gross Profit c/d 17,100 1,64,100 1,64,100
Profit and Loss Account for the year ended 31st Mar, 2012 Dr. Cr.
Particulars Amount
` Amount
`Particulars
Amount `
Amount `
To Reserve for Bad & By Gross Profit b/d 17,100 Doubtful Debts
Old Bad Debts 700 Add: New Bad Debts 1,000
Add: New R.D.D. 2,200
Less: Old R.D.D. 1,000 2,900
17
Chapter 02: Partnership Final Accounts
To Carriage Outward 1,700 To Advertisements 3,500 To Insurance 400 Less: Prepaid 100 300
To Depreciation Land and Building 3,000 Furniture 600 3,600
To Office Expenses 2,300 To Net Profit c/d Suresh 1,600 Ramesh 1,200 2,800
17,100 17,100
Partner’s Current Account
Dr. Cr.
Particulars Suresh
` Ramesh
`Particulars
Suresh `
Ramesh `
To Drawings A/c 3,000 By Balance b/d 20,000 25,000 (Goods withdrawn) By Profit & Loss A/c 1,600 1,200 To Balance c/d 18,600 26,200 21,600 26,200 21,600 26,200
Balance Sheet as on 31st Mar, 2012
Liabilities Amount
` Amount
`Assets
Amount `
Amount `
Capitals Land and Building 30,000 Suresh 18,600 Less: Depreciation (10%) 3,000 27,000
Ramesh 26,200 44,800 Furniture 3,000
Sundry Creditors 49,000 Less: Depreciation (20%) 600 2,400
Unpaid Wages 1,000 Debtors 45,000 Less:Bad Debts 1,000
44,000 Less:R.D.D. (5%) 2,200 41,800
Closing Stock 18,500 Prepaid Insurance 100 Cash at Bank 5,000 94,800 94,800 Working Note: Calculation of amount of Prepaid Insurance: Amount of Insurance given in Trial Balance = ` 400 Insurance paid upto 30th Jun, 2012; Insurance chargeable to P&L upto 31st Mar, 2012 Period of Prepaid Insurance = 3 months
Prepaid Insurance = 400 312
= ` 100
Sol. Q.4.: In the Books of Firm
Trading Account for the year ended 31st Mar, 2012 Dr Cr
Particulars Amount
` Amount
`Particulars
Amount `
Amount `
To Opening Stock 2,00,000 By Sales 4,00,000 To Purchases 2,75,000 Less: Sales Return 5,000 3,95,000
Less: Purchase Return 4,500 2,70,500 By Drawing of goods Chavan 2,000
446
446
Std. XII : Commerce Sol. Q.24.: Net Profit = ` 2,80,000; Net Sales = ` 5,00,000
Net Profit Ratio = Net Profit
100Net Sales
= 2,80,000
1005,00,000
= 56%
Sol. Q.25.: Fixed Assets = ` 5,00,000; Balance Sheet Total = ` 10,00,000
Percentage of Fixed Assets to Total Assets = Fixed Assets
100Total Assets
= 5,00,000
10010,00,000
= 50%
Sol. Q.26.: Total Sales = ` 1,00,000; Sales Returns = ` 10,000; Cost of Goods Sold = ` 50,000 Net Sales = Total Sales Sales Returns = 1,00,000 10,000 = ` 90,000 Gross Profit = Net Sales Cost of Goods Sold = 90,000 50,000 = ` 40,000
Gross Profit Ratio = Gross Profit
100Net Sales
= 40,000
10090,000
= 44.44%
Sol. Q.27.: Current Assets = ` 6,00,000; Current Liabilities = ` 3,00,000
Current Ratio = Current Assets
Current Liabilities=
6,00,000 6 2
3,00,000 3 1
Current Ratio = 2 : 1 Sol. Q.28.: Net Profit = ` 1,00,000; Total Sales = ` 1,80,000; Sales Returns = ` 30,000 Net Sales = Total Sales Sales Returns = 1,80,000 30,000 = ` 1,50,000
Net Profit Ratio = Net Profit
100Net Sales
= 1,00,000
× 1001,50,000
= 66.67%
Sol. Q.29.: Net Profit before Interest, Tax and Dividend = ` 4,00,000; Total Capital Invested = ` 10,00,000
Return on Investments (ROI) = Profit before Interest, Tax andDividend
Capital Employed 100 = 4,00,000
10,00,000 100 = 40%
