Page 71 - VIRANSH COACHING CLASSES

Trial Balance as on 31 March, 2019
st
Debit Balance Amount ` Credit Balance Amount `
Sundry Debtors 28,000 Sales 1,20,000
Purchases 55,000 Rent 1,800
Furniture 38,500 Sundry Creditors 38,500
Plant & Machinery 60,000 Purchase Return 1,000
Wages 800 Discount 500
Salaries 3,500 Bills Payable 9,000
Discount 800 Capital A/c :
Bills Receivable 14,400 Kshipra 90,000
Carriage Outward 1,000 Manisha 30,000
Postage 500 Current A/c :

Sales Return 500 Kshipra 5,000
Cash in Hand 4,000 Manisha 3,000
Cash at Bank 47,000
Insurance 2,000
Opening Stock 17,800
Trade Expenses 1,500
Ware house Rent 2,500
Advertisement 1,000
Building 20,000
2,98,800 2,98,800

Adjustments :
1) Stock on 31st March 2019 was at ` 37,000.
2) Sales includes, sale of machinery of ` 2,000, which is sold on 1st April 2018.
3) Depreciation on fixed assets @ 5%.
4) Each Partners is entitled to get Commission at 1% of Gross Profit and Interest on Capital 5%
p.a.
5) Outstanding Expenses Wages ` 200 & Salaries ` 500.
6) Create provision for doubtful debts @ 3% on Sundry Debtors.
(Ans : G.P. ` 81,700, N.P. ` 56,401 Balance Sheet Total ` 2,40,235)

Activity :
1. Visit a Partnership firm and study the management of the firm and write a report on it.

2. Write a report on procedure of Registration of Partnership firm under Indian Partnership
Act, 1932.
3. Visit Chartered Accountants office and understand the process of finalisation of Partnership
Accounts and filing of Income Tax Return

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