J CCEMee | GS paid (including Deduct Tee 88-2014 Balance Sheet (Aig ot ABH 2018) | Paid aye? Om Reng Teen st-82010 ‘ | Stow? 100 as ee | (Upto Add as Rent 4 ei % 1,100 100 to Rent Pag ae wala ON Assets side ee | Siow? 100 as ose — \ fe 1d (Upto as Outstandl (ett Bee bs Add 200 to Rent Received Aj Peet on ibity sao | (fp 20081424 © | Show 200 as Rent eceived (incl. | Deduct a9 Receivabl i i ft Apri'2018) | Receivea an “™ Rent on Asset side Show 209 ¢ ; as Advance cpgenold Land = Wire off € 20,000 on Br Sigg Po abit side fb i“ 99,000 (For 5 '% | Deduct 2 20,000 trom cars om 1-4-2017) Leasehold Land on y \ssets sid colon eae A845 500 to Interest Paid We Show® ate as I 0,0 500 as interest D “ 1-4-2017) on Liabilities side ee pyinerest to XYZ Og 1096 pa. € 500 ‘Zptaciney (W.D.V) ] Show Proft® 1,200 on Cr side | Deda ta 200 from po 4,200 Machinery Ae ip)Machinery Sold : Shoot ty Alc in Balance 75400 ILLUSTRATIONS aaaaeaeSrwrmN—_—esS>=Hlm—E—L—EE aaa 44) BASIC ADJUSTMENTS: stant: = — te grodustto tact ais and Manasvi were in partnership business sharing proftin the ratio of 9 and 2/5. On 1st \p12017 they admitted Rishika into partnership giving her 1/6 of the p "210000 in cash of which & 75,000 were considered as ‘aptal Telowing Trial Balance was extracted from books as on 31st March 2018. sklts2017) tage Inward \i2neous Expenses sre00 Sei 1,25,000] - : ‘and Building. 2,00,000| Cash paid by Rishika Satan i ‘cn tst Apt 2017 oe Bank Overdraft Scanned with CamScannerAdditional Information : 4. Stock on 31st March, 2018 was & 1,05,625. 2. Bad Debts € 3,000, 3. Depreciation to be charge on : Land and Building - 5% Motor Vehicle - 20% 4. RDD to be maintained at 10% on Sundry Debtors: 5. Goods to the value of ¥ 2,500 have boen lost by thett You are required to prepare 1. Trading and Profit and Loss Account for the 2. Balance Sheet as on that date. Solution : ‘Statement Particulars 1. CONTRIBUTION AND LIABILITIES 1. Partners’ Funds Contribution 2. Liabilities . Short-term Borrowings Creditors / Trade Payables Total Ml. ASSET Gross Fixed Assets ; Less : Depreciation and Amortization Net Fixed Assets Investments Inventories Debtors/Trade Receivables Cash and Cash Equivalents Total 1. Income Gross Turnover Other Income Increase / (Decrease) in Stocks Total 2. Expenses Purchases made for Resale Administrative Expenses Selling Expenses Depreciation and Amortization Other Expenses 3. Total 4. Profit transferred to Partners’ Account Schedules / Notes to Accounts 1. Contribution (WN) Prajakta am Manasvi Rishika Total yoar anded 31st March, 2018. (S.¥.8.Com., March 2018, ‘daptey of Assets and Liabilities as at 31-3-2018 No Scanned with CamScannerwt gnortterm™ Borrowings 4 gank ‘overdraft pred Assets ane et Vehicles lin For Limited AOU Lartnershy ‘ip isests ee and Buildi gs [Goa] 325 17,300 [a] (10,009) pee 1.90.00 1,0 [so sal pedtors / Trade Receivables pebtors [ess : Bad Debts ipss : Reserve for Doubtful Debts Total Cash and Cash Equivalents Cash at Bank 4 Other Income Discount 1 Increase / Decrease in Stocks Closing Stock Less : Opening Stock Total 4 Purchases Purchases (Gross) Add : Carriage Inward Less : Goods Lost (Cost) Total (Purchases made for resale) 4. Administrative Expenses Rent Printing and Stationery Telephone Expenses Total ‘Selling Expenses Bad Debts (T.B.) Additional Bad Debts New Reserve for DD Less : Old Reserve for DD Discount Allowed Total N.Depreciation and Am Land and Building Vehicles Total . Other Expenses Miscellaneous Goods Lost (Cos) Tot "pant Transferred 10 Partners Prajakta Manas\ Rishika Total jortization 3,25,000 (35,000) 2 1,00,500 (3,000) (2.750) ar7s0 }S250. 12,600 5,375 1,05,625 K1,07,050) (1425) 3,14,325 8,125 (2,500) 319,950 3,000 6,725 8,100 22,825, 2 3,000 3750 | 9750 Scanned with CamScanner BlONY 06 ers Contribution Accoy 8, ¥ : Partn nt h i Rishika| Particulars ce | z pauls F K 10, — 5,000] By Balance big 12 31,49, 108 |1,40,804 | By Cash 12,57,4 By Goodwill By Net Profit 5,913 1,59,108 45. i 45,804 7 a9 + 149,108 + 1,40,804) = € 5,47,905 ‘Total C° Ist carried on business in partnership sharing profits aNd bosses | ihe salman, AI and Sohil the fim as on 31st March 2018 was as follows : 2 0 2 __| Particulars 3,75,000] Capital A/c : 23132 ‘he Trial balane’ Plant and Machinery 1,25,000| - Salman 2 nan 12,500] - Arbaz ‘a esti 1,17,500| - Sohil aa Facies 4,50,000| Sales Wat tend and Bulg 2,50,000] Trade Creditors ea Purchases 7,00,000} Commission 7 ping Sock 1,15,000| Bills Payable Salaries 1,55,000| Bank Loan Office Expenses 1,00,500| Bank Overdraft Rent and Insurance 38,750 Accountant Fees 8,750 Debtors 1,29,000 Cash at Bank 1,09,250 Drawings : Salman 30,000 Atbaz 15,000 Sohil 47,500 Bills Receivable 45,750 Printing and Stationery 17,250 25,41,750 Additional Information : 1. Stock on 31gt March 2018 1,66,250. . Donrecatn: was valued at 1,66, Land and Building at 5% Furniture at 10% ioe and Machinery at 20% an lotor Vehicles at 20% Pov or the ona’ Outstanding expenses as on 31st March, 2018- —- © 20.008 las = 6,000 You are required urea as on atst March, 2018 % 6,250. 1. The Tat ad ne The Balanon'g 9 and rretonery 8, and Loss Account for the year ended ou me iS On that date. (S.¥B. Scanned with CamScanner[ CONTRIBUTION AND L {, Partners’ Funds Contribution Received 2, Liabilities Secured Loans Short-term Borrowings Tene gL Creditors / Trade Payables 10,750 Total 2 | 280.000 1, ASSET 0 in Gross Fixed Assets laaarer Less : Depreciation and Amortization pao Net Fixed Assets 02500 Investments 5 (28250 Loans and Advances ‘on Inventories 6 | 175000 Debtors/Trade Receivables 1,88250 Cash and Cash Equivalents 7 | s7aaso 1,09,250 ren 19,44,750 Statement of Income and Expenditure for the period from 1-4-2017 to 31-3-2018 Particulars : Sane 1, Income Net Turnover |14,00,000 Other Income 9 1,250 Increase / (Decrease) in Stocks to |_51,250 Total fesse 2. Expenses Purchases made for Resale 7 Personnel Expenses fa Aministrative Expenses 13 Depreciation and Amortization Total 14 —?T So, a ei 1. Contribution ® Salman Balance b/d (Opening) Add (Less) : Net Protit / (Loss) Less : Drawings Net Balance >. Atbaz Balance b/d (Opening) fa / (Less) : Net Protit / (Loss) £88 : Drawings Net Balance an /aNC9 b/d (Opening) Ad 9/ (Less) : Net Protit/ (Loss) Drawings Balance a™ Scanned with CamScanneroN 328 Financial Accounting (T¥.B-Com.: Sexy.y, 2. Secured Loans 2,50, Bank Loan 230,009, 3. Shortterm Borrowings lo Bank Overdraft 7 " 2.009 [82.000 4. Creditors / Trade Pay ables ” 2.17.55 Sundry Creditors 30500 Bills Payablo 2000 Ols Salary 8.000 Ols Printing/Stationery [aoe Total peor 5. Fixed Assets aos Re Tangible Assets | 2,50,000| (12,500)] 2,67.s99 Land and Buildings 1'50,000| (30,000)| 1,20'o9, Motor Vehicles 3,75,000 } (75,000)| 3,00,995 Plant and Machinery 1,17,500] (11,750) 1,05,759 Furniture 2,92,500 |(1,28,250)| 763255 Total . 5. Loans and Advances 6259 Prepaid Rent |_s25 7. Debtors / Trade Recesivables 135009 Debtors 45,750 Bills ReceWvable p20 oe 174.750 '8. Cash and Cash Equivalents Cash at Bank pase 8. Other Income 12 Commission 250 10.Increase / Decrease in Stock Closing Stock Less : Opening Stock Total 11. Personnel Expenses: Salaries Add : Outstanding Total 12. Administrative Expenses Rent Less : Prepaid Office Expenses Printing and Statio ‘Add : Outstanding Accountants Fees Total 13. Depreciation and s\mortization Land and Building Plant and Machinery Furniture Vehicles Total 14.Profit Transferred to Partners Salman Arbaz Sohil Total ———__.. Note : Details of Contribution Accounts may Working Note as in th be shown i '2 Previous istration,» "WN in the Schedules as above or by way 0 Scanned with CamScannerFor Limited Liability Partnership 329 8 cor Ch ) 07 gon 3: (OF; Preval) Mos ) yt the Trial Balance of Sona and Mona (LLP). They share . profit and rt March 2018 and Balance Sheot on that date, torine Trial Balance aries Sar, Rates, Insurance ~ fad Debts piscount Nachinery siding andy ‘Debtors and Creditors Cash Capitals : Sona Mona Bank overdraft Adjustments : 4, On 3tstMarch 2018 1! | 2. Outstanding productive wages | 3. Rent, Rates and Ins | 4. Provide for doubtful | 5. Dopreciate Building by 5 | he stock was valued at € 28,000. s € 900. ‘urance include % 800 paid for one year en debts on debtors at 5%. .% and Machinery by 10%. 5 ding on 30th June, 2018. Solution : Statement of Assets and Liabilities as at 31-3-2018 Paniculars |. CONTRIBUTION AND LIABILITIES 1. Partners’ Funds Contribution Received 4,193,910 2. Liabilities Short-term Borrowings Creditors / Trade Payables 15,000 45,300 Total . ASSET 4,74,210 Gross Fixed Assets Less ; Depreciation and Amortization 76,800 Net Fixed Assets 71,835 Loans and Advances Inventories 895 Debtors/Trade Recelvables an Cash and Cash Equivalents pe 1,500 Total 1,74,210 Scanned with CamScannerft iting (T.Y.B.. >| rinanciat Accounting (L¥.B.Com, * Shy, 330 tne period from 1-4-2017 to 31-3:2019 ) Statement of Income and Expenditure £0r =e ate eey Particulars 5 ; oe 4. Income ae 8 9 | '8%09 Net Tumover cmon 40D yt Other Income 9) Increase / (Decrease) in Stocks a aay Total "Tan 2. Expenses 12 159 Purchases made for Resale 13 4 = Personnel Expenses 14 ae Aministrative Expenses 15 me Selling Expenses Depreciation and ‘Amortization Tans 16 wen ys" Account ca [ae 3. Profit transferred to Pathe a aa Schedules / Notes t AccounE. 1. Contribution __ Sona 15.246 Balan oft 67,746 Aad Net Pro Te son ngs Cae 67,500 Balance b/d 10,164 ‘Add : Net Profit 77/664 15,000] 62,664 Less : Drawings ho 2. Short term Borrowings — Bank Overdraft 3. Creditors/Trade Payables ‘Sundry Creditors a =o Wages Outstanding 25,300 4, Fixed Assets Machinery Building Total 5. Loans and Advances Prepaid Rent 6. Inventories 7. Debtors/Trade Receivables Debtors Less : Reserve for D.D. 8. Tumover Gross Less: Retums Inward Other income Discount Scanned with CamScannersorbimited Liability Partnership gaontoeerense) In Stocks ronnel Expenses wee Wages aa: outstanding aries: Safroduetve Wages ministrative Expenses Rates, Insurance Prepaid x ont Less! 4, selling Expenses jad Debts prov fot D. D. (5% on 76,500) Discount 45.Depreciation Machinery (10% of 22,500) Building (5% of 54,300) 46.Proft transferred to Partners’ Account ona (3/5) Mona (2/5) 331 1,12,500 (1,500) 4,11,000 5,250 300 5,550 9,300 ; 15,750 | 5,100 200 4,900 | | 600 3,825 1,950 6,375) 2,250 2.718 4,968 ; 25,410 thstration 4 : (Goods withdrawn) From the following Trial Balance of Jagan and Magan, you are required to prepare a Trading and Proftand Loss Account for the year ended 31st March 2018 and the Balance Sheet as on that date, ‘her taking into the consideration the additional information : on 31st March 2018 Trial Balance tina ‘Stock Slanes and Cash in rand Purchases and Sales ‘expenses: ‘ductive wages ils receivable sBlowenses er’s Salary ission, nts and Creditors nk Overdraft nts £29 Tools fe ea on investment & a 41,65,000 2,400 10,000 5,000 Scanned with CamScannercounting (LY.B.Com.: Spy. | by | 2 Financial Ace ‘33: | 25,000 Land and Building Gapital Accounts ’ Jagan =| 2500 Magan 2,36,000 Reo ajustments : ineir capital ratio. 4, Partners share Pt 2, The Closing Stocl Jagan has withdrawn 9 + 225 written off as bad Outstanding salaries an' Depreciation on Land an Paae Solution : 4. Partners’ Funds Contribution Received 2. Liabilities ‘Short-term Borrowings Creditors / Trade Payables Total I, ASSET. Gross Fixed Assets Less : Depreciation and Amortization Net Fixed Assets Investments Inventories Debtors/Trade Receivables Cash and Cash Equivalents Total ‘Statement of Income Particulars 1. Income Net Tumover Other Income Increase / (Decrease) in Stocks Total 2, Expenses Purchases made for Resale Personnel Expenses ministrative Expenses Selling Expenses Depreciation and Amortization Total 3. Profit transferred to Partners’ Account ‘Schedules /Notes to Accounts 4. Contribution Jagan : Balance bid Add : Net Profit Less: Drawings rofits and Losses Int 3 = Cost € 20,000 Mat ods worth € 600 for his debts from debtors. \d wages € 400. Statement of Ass‘ 1. CONTRIBUTION AND LIABI ket Value € 22,500. personal use 1d Building at 718%. ets and Liabilities a8 4! LITIES ‘and Expenditure for the perlod from 1-4-2017 to 31-9-2018 ‘ ile Scanned with CamScanner 'ing For Limited! Liability Partnership 1. Tumover 4, Other Income: ‘Commission Inierest on Investments 4. inorease((Decreasio) In Stocks Closing Stocks Less: Opening Stocks ‘WPurchases Less: Goods withdrawn by Jagan ". Personnel Expensws "eductive Wages sates & Wages Hs Ousancng ‘s Manager's Salary Sao 333 20,000 14,640 34,640 39,625 20,000 3,000 23,000, 225) 19,775 4,000 Scanned with CamScannered 414. 00P FO itd Pa ster t rofl ta : Tynet Loss, Loss by Fire) ~ | ‘rial Balance of Mohan and Sohan, you arg 7 "0 br int forthe year ended 31st March 2018 ‘geration the additional information: "4 Profit and Los ui ‘ter taking into cons. ‘gohan’s Capital Mohan's Drawings Sohan's Drawings stock (1-4-2017) Bills receivable Purchases Sales Bills payable Return Outward Return Inward Plant and Machinery Goodwill Patents Sundry Debtors Sundry Creditors Cash in hand Cash in Bank Salaries Wages Office Expenses insurance Advertisement General Expenses Factory Rent Total Adjustments : 4, Profiu(Loss) trar Notes to 1. Contribution Mohan : Balance b/d Less : Net Lo Less : Drawir Provide f ‘Or outstanding expenses : Salary & 2,000, Wages % 1,000, Advertisement 700. Ste tock on 31st March 2018 was valued at = 1,20,000. 1, 2. 7 Prepaid Insurance 5. 3, ed by fire and the Insurance Connpany has admied# . Goods cos} fore 3600.9 %6,000 were destroys Partners share ‘olution ; Profit and losses equally, Creditors / Trade Payables Total Scanned with CamScannera count 20MM Liability pany mers rh ASSET ‘ship + Gross Fixed Assets atic 535 38 ; Depreciation and Amors. etFixed Assets ortzation ae tans and Advances : e £6,000 fvontories ; 3 {tee r 7.37,000 Iptors/Trade Receivables 3 | 17900 Gash and Cash Equivalents ee other Assets é | iam 77380 ie 8 3,800 Net Tumover increase / (Decrease) in Stocks 3 | sess00 Total 10. {(,00,000) 2, Expenses 2,95,000 * purchases made for Resale ee Personnel Expenses 11 | 269,500 Aministrative Expenses 12 | 31000 seling Expenses 83 | 13000 Insurance Expenses 7 Depreciation and Amortization i Other Expenses 1e 1 B00 Total 344,550 4, Profit(Loss) transferred to Partners’ Account 18 [149.5807 Schedules /Notes to Accounts = 1. Contribution Mohan : Balance b/d Less : Net Loss Less : Drawings 1,60,775 Sohan : Balance b/d Less : Net Loss, Less : Drawings 2. Creditors/Trade Payables Sundry Creditors Bills Payable Wages Outstanding Salary Outstanding Advertising Outstanding 3. Fixed Assets Scanned with CamScannerfe EBETYB. y ly 84, ty y nae ek, 3 /2 18: Fi 41,Purchases Gros ‘ {ess : Goods lost by fre s : Retums Outward 12,Personnel Expenses ‘pmo Wages Add: Outstanding Salaries ‘Add: Outstanding 13, Administrative Expenses Factory Rent Office Expenses. 14.Selling Expenses Advertisement ‘Add: Outstanding Reserve for D. D. 15.Insurance Less: Pre-paid 16. Depreciation Machinery (5% of 1,00,000) Patents (15% of 20,000) 17. Other Expenses General Expenses Loss by Fire (6,000 - 3,800) 18.Profit/ (Loss) Mohan (1/2) Sohan (1/2) ) transferred to Partners’ Account Scanned with CamScannerims a fi tt qyatue of Closing Stock, Goods t : or 337 an ganesh are partners sharing profits Personal us, and losses 2 '*: Goods Lost by Fire) eh 8 Ves Trial Balance as on 31.; - Following is the Trial Balance an -2018 —— RCC, 1,186,000, 62,000 5,500 2,80,000 poe ' Sons waranas 20,000 ble Bf ag Expenses (Salesmen) 35,000 seh (42017) 5,18,500 igtments =} n31-3.2018 the cost price of closing stock was € 41,000 and its market price was € 42,000. 1 Goods worth & 5,000 taken over by Ramesh for personal use were not entered in the books of onus, | Goods worth & 5,000 were destroyed by fire and Insurance Co. agreed to pay € 4,000 in full ‘element of the claim. ‘ Oustanding expenses : Rent % 100 and Salary % 500. {Fide depreciation 10% on machinery and 5% on furniture. ‘Pot % 800 for Reserve for doubtful debts on debtors. ‘ ttequed to prepare Trading and Profit and Loss Account forthe year ending 31-3-2018 an ‘ ya Sheet as on that date after considering the above adjustments. Statement of Assets and Liabilities as at 31-3-2018 Scanned with CamScannerDepreciation and Amortization ther Expenses Total 3, Profit ‘Schediles /Notes to Accounts 1. Contribution transferred to Partners’ Account Ramesh : Balance bid yon ‘Add: Net Profi 13.000 1,29,000 Less : Goods taken 6.000), | 12400 Mahesh : wy Balance bid eae Ad: Net Profit =e 2 2. Creditors/Trade Payables Sundry Creditors Bills Payable Salary Outstanding Rent Outstanding 3. Fixed Assets Machinery Furniture Scanned with CamScanneroe SETSHip ie ots 1 ner ASeCiaim Rlecelvable 339 or ei 4,000 § 6,085 etuns Inward ess 2,80,000 (2.000) crease) In Sto ya Yn Stocks 2,78,000 5 sit ning Stocks — ess OPH 41,000 (30,000) pense 11,000 { te G0 tums Outward . 2 Lose" Goods lost by Fire 00 Le Goods taken by Partner (6.000) (5,000) nnel Expenses. Seater 1uPeties & Wages | 2.04 500° sua outstanding 21,000 “ 500 padninistrative Expenses rae Expenses: — a 1.000 gs: Outstanding = 2,200 sseling Expenses cariage Bad Debts tooo aasowe for D. D. 00 Traveling (Salesmen) Discount Advertisement ‘4lnsurance ‘Depreciation Machinery (10% of 40,000) 4,000 Fumiture (5% of 20,000) 1,000 5,000 ‘ Other Expenses 1,000 ss by Fire (5,000 - 4,000) ~ pe ‘Profit transterred. to Partners’ Account Ramesh (2/3) 13,000 Mahesh (1/3) padd 19,500 el ne eae following Trial Balance rei 1d losses equally From the followin i, \Qu are partners sharing profits anc a Se aued ayagtmens You are required to prepare a Trading Alc, Profit and Loss AVc forthe y ‘ch, 2018 and Balance Sheet as on that date : Scanned with CamScannerB.Co, mr 750 | Sales “Sky 4,300] Purchase Return ‘ey, 28,000 | Sundry Creditors 4,920 Outstanding Salary ee 0% pa.on Building and Motor Van. Jn at 10% Pi 2 pei, a aah nvestmen ¢ . core Del : s a 5% AB. eral 1g was Market Value € 40,000; Cost Price Z 50,000, March (TYBAF, Aj ° Aprl2017, aden solution: sets and Liabilities as at 31-3-2018 statement of AS! er i s [D LIABILITIES a 1, CONTRIBUTION ANI 1, Partners’ Funds Contibution Received : 2, Lables Creditors / Trade Payables Total I ASSET Gross Fixed Assets Less : Depreciation and Amortization Net Fixed Assets Investments Inventories Debtars/Trade Receivables Cash and Cash Equivalents Total Statement of income and Expenditure for the perlod from 1-4-2017 to 31-2-2018 tcutars Income Net Turmover Other Income Increase / (Dacre, Ps Se) in Stocks Expenses Purchases Power sng ais for Resale Scanned with CamScanneryg For bimited Liability Partnership iil 34) | ” tes 1 Accounts 7 |? gontbutton a | * cranes bid | oa Net Profit eotee | 15.540 | ges: Drawings 75.540, coe 12.800) | 72,740 | nc a Not Profit 40,000 15,540 fawings 55,540 |: esse 8200) |_ 52,40 editors Trade Payables (25.000 | Sirary Creditors Sala” Outstanding 2700 | ‘Outstanding wages 400 7, Investments ‘Accrued Interest 5, Inventories 6. Debtors/Trade Receivables Debtors Less : Reserve for D.D. 1. Cash and Cash Equivalents Bank 4. Tumover 8, Other Income | Interest | Adé: Accrued Commission W.increase/(Decrease) In Stocks Closing Stocks Less: Opening Stocks M.Purchases | Gross, Less: Retums Outward Id: Carriage Inward Te.Persoy egannel Expenses fed: Outst ee standing 4,200 ud Scanned with CamScannerods Sold) corded GO ly. Followi it agen 8 (sharing profit and losses equally Following is thai Balan a, 1st March, 201 gist March, 2018 Trial Balance as on 318i 8 Bulkings shinery Sir and Wages’ Cash at Bank Cash in Hand Motor Cycle Office Expenses Ran’'s Capital Rita's Capital Carriage Outward Purchase Retum outwards: Sales Return inwards Bad debts Debtors Creditors Rent Printing and Stationery Traveling Expenses (Marketing) Stock (1-4-2011 7) insurance Discount Advertisement For 3 years) Furniture. 58,009 31,000 2750 1.40.00 27,500 Adjustments ; 1. The Closin 222500, 2 Goods worth ¢ 2, ed t0 Pal f rota Mer destoyed by re and Insurance company aut full Settlement of the claim, 3. Unpaid expenses - Provide depres eg ReM ® 80 and Salary € 250, ration at 10% on machin 5% on fumiture. ado in the DOP ot8 yes arth 4,000 ware sold on 23 Temas . and e294 to prepare Trading and Lose Alc for the year "eet as onthe dato after considering tho above ad is its market pre? 1 Stock on 31st March, 2018 was valued at cost & 20,500 while zoo iy Scanned with CamScanneryea! Liability Partnershi ji si 343 statement of Assets and Liabilities as at 91-9-2018 \ se i < | (ggr0N AND LIABILITIES — y AiBy nds an wed Sen ecel tee + | 1,04,650 a iyables Bie rade Pay 2 27,800 3, 1,32,450 |e 22 ang amotizaion | ere sets 3 | 65,000 ere sgvance'S 4 4,000 | 5 ie pecaivables S|: Soao0 | ee een Equivalents 7 | 20,550 oe a5 8 2,000 | a . 1,32,450 | ro Tome and Expenditure for the period from 1-4-2017 to 31-3-2018 Z— Son] = move 9 | 143,000 | oe "ipecrea'se) in Stocks 10 5,500 wl 1,48,500 ses sitees made Wr Resale 44 | 1,04,750 2a Expensies 12 | 10,750 srative Exp enses 13 1,850 11,750 wnt Expenses rasmnce Expens!35 ‘predation and Amortization he Expenses ‘a ‘elt ransterred| to Partners’ Account ‘ils /Notes to Accounts or ‘s ty Creditors fe a9 es Outstanding Outstanding ators Trade Payables { acai Scanned with CamScannerBuilding vehicles ‘Machinery Furniture me ces: ins and Advan © Srpaid Advertising Inventories & Debtors/Trede Recelvables Debtors Add : Unrecorded Sales 7. Cash and Cash Equivalents Cash in Hand Cash at Bank 8. Other Assets Insurance Claim Receivable 8. Turnover Gross ‘Add: Unrecorded Less: Retums Inward 10. Increase/(Decrease) in Stocks Closing Stocks Less: Opening Stocks 11. Purchases Gross Less: Retums Outward Less : Goods lost by Fire 12.Personnel Expenses Salaries & Wages Add: Outstanding Add: Outstanding tice Expenses Printing & Stationery 14.Selling Expen: Carriage Outwa Advertisement Less : Prepaid Bad Debts Travelling (Marketing) Discount 15.\neurance — a 18,000 Scanned with CamScannerorlimited Liability Partnership ee 345 © sopoetation 0ebrine si “ae xpenses ae ia 7 (2,500 - 2,000) ig bors wanstrred to Parinora! Account -— rol ein 7,825 a 71825 75,650 yon 7 » ste, partners sharing Profits and Losses equally in LLP. From the following Trial ¢ Income Statement and Balance Sheet as on 31st March, 2018. at oo roar " on 31st March, 2018 oe aot | Capital Accounts : er fas 28 a4 15,000 a |i Returns - 15,000 amy | os Commission 1000 [eee Rent 4/000 1.4009, etes on Sales Miscellaneous Income 2.000 doo |e Sales 1,70,500 (oo. fesiery ~ Purchase Returns 3.200 Tas Metsement for 4 years Discount '300 RC a Provident Fund 2,000 seitent Fund Investment Interest on Provident Fund aa -tabution to Provident Fund Investment 200 LL25.0m nce Reserve for Doubtful Debts * 500 5500 tah Creditors \ 20,000 Danings ¢ 4,100 |p he (2750) 5 (2,500) 2,30,700 1.04781 Mjstments : 10,500. | | Ocsing Stock Price % 25,000; Market Price & 30,000. 25) | Das taken goods worth % 500 for his personal use. 10,75) |} Prepaid Insurance amounted to € 100. ‘ Depeciate Fumiture by 15% and Machinery by 20%. \ Wie of& 400 as Bad debts and maintain the Reserve for Doubtiul Debs at 3% on dobtors i (TYBAF, April 2016, adapted) at 31-3-2018 Statement of Assets and Liabilities 1 SONTRIBUTION AND LIABILITIES comet Funds ia , Lyon Received Ceditors Trade Payables her abies Tota loss Nay Fi CoPreciation and Amot od ‘vesnants so er *s Weluse \\ Scanned with CamScannerAccounting TXB.Com.: Seyp 5 ‘vy 6 elvables avo of DD @ 3% 05 46 8 18.0" roe cash Equivatents ‘navances 9% and 0 wa oth in HO TE