Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1) Loss by fire Since only partial claim has been admitted by the insurance company, the balance Rs. 3,000 is treated as loss while Rs.
1) Loss by fire Since only partial claim has been admitted by the insurance company, the balance Rs. 3,000 is treated as loss while Rs. 13,000 is treated as a receivable. 2) Depreciation Machinery - 10% x 90000 9000 Land & Building = 5% x 130000 = 6500 3) New RDD = 5% X 82000 = 4100 4) Interest on Capital Seeta = 8% x 120000 - 9600 Geeta = 8% x 120000 = 9600 5) Interest on debentures = 8% x 40000 x 6 /12 (for 6 months from 1.10.2009 till 31.3.2010) - 1600 6) Distribution of Profit Since no ratio is mentioned, we divide the profit equally. 23 Seeta - 26600 X % = 13300 Geeta - 26600 % = 13300 Madhuri and Minakshi are in a 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 dat 7. Amt. (Rs.) 3,00,000 2,00,000 8,10,000 1,00,000 4,200 1,00,000 Trial Balance as on 31st March, 2012 Debit Balance Amt. (Rs.) . Credit Balance Building 4,00,000 Capital A/cs- Madhuri Minakshi Plant and Machinery 1,20,000 Sales Purchases 6,50,000 Sundry Creditors Carriage 7,000 Outstanding salaries 8% Bank loan Opening stock 90,000 (Taken on 1.10.2011) Wages 35,000 Sundry debtors 1,50,000 Salaries 28,000 Postage and Telegram 4,000 Insurance 5,000 Bad debts 3,000 Rent 4,000 Discount 3,200 Drawings A/c Madhuri 10,000 Minakshi 5,000 15,14,200 Adjustments: 1) Stock on hand on 31st March, 2010 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 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. 15,14,200
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started