Page 52 - VIRANSH COACHING CLASSES

8. Nene and Kane are Partners, sharing Profits and Losses in the ratio 6:4. From the following
Trial Balance and adjustments given below, Prepare, Trading and Profit and Loss Account
for the year ending and Balance Sheet as on that date.
Trial Balance as on 31 March, 2019
st
Particulars Debit Credit
Amount ` Amount `
Capital :
Nene 15,00,000
Kane 10,00,000
Sundry Debtors 4,50,000

Sundry Creditors 3,00,000
Rent (10 months) 10,000
Stock (1/4/2018) 5,35,500
Premises 8,50,000
Salaries 50,000
Discount 800 950
Motor Vehicle 3,70,000
Sales 8,40,500
Purchases 6,40,500

Wages 10,000
Office Expenses 20,000
Bank Overdraft 1,50,000
Returns 5,500 3,500
Providend Fund Investment 8,00,000
Cash in Hand 40,000
Providend Fund Contribution 1,00,000
Providend Fund 2,80,000
Cash at Bank 2,00,000
Interest on P.F. Investment 42,000
Drawings :
Nene 20,000

Kane 15,000
Bad-debts 3,350
R.D.D. 3,700
Total 41,20,650 41,20,650

Adjustments :
1) Closing Stock ` 3,60,000.
2) Outstanding Wages ` 3,000 and Salaries ` 2000.
3) Depreciate Motor Vehicle @ 5% p.a.
4) Write of Bad-debts of ` 5,000 and provide for R.D.D at 5% Sundry Debtors.
5) Kane withdrew Goods of ` 6,000 for his personal use.

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