book keeping for std 12 commerce

Capital and drawings:DevanHemang

9000

8000

45,000

25,000

1000

1000

7000

70,000

200

200

18,250

1750

6000

Debtors and creditors

Stock (1-04-2004)

Goods return

Cash and Bank

Bills

Purchase and sales

Discount

Bad debts and bad debits reserve

Machines

Depreciation on machines

Furniture

Name of Account L/FNo.

Debit Rs.

Credit Rs.

40000

35000

35,000

-

1500

4000

8000

1,30,000

150

650

-

-

-

Illustration 1: Devan and Hemang are partners of a Partnership firm sharing a

profit in the proportion of 3:2. From the under noted trial balance and

adjustments as on 31-03-2005, prepare the final accounts of the firm.

Trial Balance of Deven and Hemang as on 31-03-2005

Name of Account L/FNo.

Debit Rs.

Credit Rs.

750-

7000--

36,000

12505000

300100400

12,000

15,000

100

Sundry expensesLeasehold building ( from 1-10-2002 for 5 years)Liability for unpaid wages8 % Tanvee’s loan (from 1-11-2004)GoodwillTrading expensesRent & taxesCarriage inwardBank interestInsurance PremiumSalaryWagesPrepaid insurance

2,70,300 2,70,300

---

100015000

---------

Adjustments : (1) The value of closing stock is Rs. 55,000, the market value is 10 % more.(2) Partners are allowed 6 % annual interest on the capital and the interest on

drawings is charged in the same way : Devan Rs. 400, Hemang Rs 350.(3) Provide depreciation on machines @ 10 %, on furniture @ 5 %.(4) Provide 5 % bad debts reserve on debtors.(5) Outstanding Expenses : Salary Rs 400, Sundry expenses Rs 75, and Rent

Rs 150.

Particulars ParticularsDate DevenRs

HemangRs

DateDeven

RsHemang

Rs

Partners’ Capital AccountDr Cr

31-03-05 To drawing a/c 9000 8000

Particulars ParticularsDate DevenRs

HemangRs

DateDeven

RsHemang

Rs

Partners’ Capital AccountDr Cr

31-03-05 To drawing a/c 9000 8000 1-4-04 By balance b/d 40,000 35,000

Libilities Amount Rs.

Assets Amount Rs.

Balance Sheet

Debtors 45,000

Creditors 35,000

As on 31-03-2005 of Partnership Firm Of Deven And Hemang

ParticularsAmount

Rs. ParticularsAmount

Rs.

Trading Account

To Opening stock 25,000

Dr CrTrading Amount for the year ended on 31-03-2005 of partnership firm

of Deven and Hemang

ParticularsAmount

Rs. ParticularsAmount

Rs.

Trading Account

To Opening stock 25,000

Dr Cr

- Sales return 1000By Sales

To Purchase- Purchase return 1500

Trading Amount for the year ended on 31-03-2005 of partnership firm of Deven and Hemang

Libilities Amount Rs.

Assets Amount Rs.

Balance Sheet

Debtors 45,000Creditors 35,000

Bank overdraft 4000

Cash balance 1000

Libilities Amount Rs.

Assets Amount Rs.

Balance Sheet

Debtors 45,000Creditors 35,000

Bill receivable 7000

Bill payable 8000

Bank overdraft 4000

Cash balance 1000

ParticularsAmount

Rs. ParticularsAmount

Rs.

Trading Account

To Opening stock 25,000

Dr Cr

- Sales return 1000

By Sales

To Purchase

- Purchase return 1500

70,000

1,30,000

68,500

1,29,000

Trading Amount for the year ended on 31-03-2005 of partnership firm of Deven and Hemang

Particulars Amount Rs.

Particulars Amount Rs.

Profit & Loss Account

Dr Cr

Discount (allowed)

Sales & Distribution Exp:

200 Discount (received) 150

Particulars Amount Rs.

Particulars Amount Rs.

Profit & Loss Account

Dr Cr

Discount (allowed)

Sales & Distribution Exp:

200 Discount (received) 150

Other expense

B.D. (Trial balance)

+B.D. (adjustment)

+B.D.R (adjustment)

- B.D.R (Trial balance)

200

650

Libilities Amount Rs.

Assets Amount Rs.

Balance Sheet

Debtors 45,000Creditors 35,000

Bill receivable 7000

Bill payable 8000

Fixed Assets :

Machine 18,750

+ Depreciation 1750

20,000

Libilities Amount Rs.

Assets Amount Rs.

Balance Sheet

Debtors 45,000Creditors 35,000

Bill receivable 7000

Bill payable 8000

Fixed Assets :

Machine 18,750

+ Depreciation 1750

20,000

Furniture 6000

Particulars Amount Rs.

Particulars Amount Rs.

Profit & Loss Account

Dr Cr

Discount (allowed)

Sales & Distribution Exp:

200 Discount (received) 150

Other expense

B.D. (Trial balance)+B.D. (adjustment)+B.D.R (adjustment)- B.D.R (Trial balance)

200

650

Administrative Exp :

Sundry Exp. 750

Libilities Amount Rs.

Assets Amount Rs.

Balance Sheet

Debtors 45,000Creditors 35,000

Bill receivable 7000

Bill payable 8000

Fixed Assets :

Machine 18,750

+ Depreciation 1750

20,000

Furniture 6000

Lease hold building 700

Libilities Amount Rs.

Assets Amount Rs.

Balance Sheet

Debtors 45,000Creditors 35,000

Bill receivable 7000

Bill payable 8000

Fixed Assets :

Machine 18,750

+ Depreciation 1750

20,000

Furniture 6000

Lease hold building 700

o/s wages 1000

Libilities Amount Rs.

Assets Amount Rs.

Balance Sheet

Debtors 45,000Creditors 35,000

Bill receivable 7000

Bill payable 8000

Fixed Assets :

Machine 18,750

+ Depreciation 1750

20,000

Furniture 6000

Lease hold building 700

o/s wages 1000

8 % Tanvee Loan

Liabilities

15,000

Libilities Amount Rs.

Assets Amount Rs.

Balance Sheet

Debtors 45,000Creditors 35,000

Bill receivable 7000

Bill payable 8000

Fixed Assets :

Machine 18,750

+ Depreciation 1750

20,000

Furniture 6000

Lease hold building 700

o/s wages 1000

8 % Tanvee Loan

Liabilities

15,000

Good will 36,000

Particulars Amount Rs.

Particulars Amount Rs.

Profit & Loss Account

Dr Cr

Discount (allowed)

Sales & Distribution Exp:

200 Discount (received) 150

Other expense

B.D. (Trial balance)+B.D. (adjustment)+B.D.R (adjustment)- B.D.R (Trial balance)

200

650

Administrative Exp :

Sundry Exp. 750

Trading Exp: 1250

Particulars Amount Rs.

Particulars Amount Rs.

Profit & Loss Account

Dr Cr

Discount (allowed)

Sales & Distribution Exp:

200 Discount (received) 150

Other expense

B.D. (Trial balance)+B.D. (adjustment)+B.D.R (adjustment)- B.D.R (Trial balance)

200

650

Administrative Exp :

Sundry Exp. 750

Trading Exp: 1250

Rent & Taxes 5000

ParticularsAmount

Rs. ParticularsAmount

Rs.

Trading Account

To Opening stock 25,000

Dr Cr

- Sales return 1000

By Sales

To Purchase

- Purchase return 1500

70,000

1,30,000

68,500

1,29,000

Carriage inward 300

Particulars Amount Rs.

Particulars Amount Rs.

Profit & Loss Account

Dr Cr

Discount (allowed)

Sales & Distribution Exp:

200 Discount (received) 150

Other expense

B.D. (Trial balance)+B.D. (adjustment)+B.D.R (adjustment)- B.D.R (Trial balance)

200

650

Administrative Exp :

Sundry Exp. 750

Trading Exp: 1250

Rent & Taxes 5000

Bank interestFinancial Exp :

100

Particulars Amount Rs.

Particulars Amount Rs.

Profit & Loss Account

Dr Cr

Discount (allowed)

Sales & Distribution Exp:

200 Discount (received) 150

Other expense

B.D. (Trial balance)+B.D. (adjustment)+B.D.R (adjustment)- B.D.R (Trial balance)

200

650

Administrative Exp :

Sundry Exp. 750

Trading Exp: 1250

Rent & Taxes 5000

Bank interestFinancial Exp :

100

Insurance Premium 400

Particulars Amount Rs.

Particulars Amount Rs.

Profit & Loss Account

Dr Cr

Discount (allowed)Sales & Distribution Exp:

200Discount (received) 150

Other expense

B.D. (Trial balance)+B.D. (adjustment)+B.D.R (adjustment)- B.D.R (Trial balance)

200

650

Administrative Exp :Sundry Exp. 750

Trading Exp: 1250

Rent & Taxes 5000

Bank interestFinancial Exp :

100

Insurance Premium 400Salary 12,000

ParticularsAmount

Rs. ParticularsAmount

Rs.

Trading Account

To Opening stock 25,000

Dr Cr

- Sales return 1000

By Sales

To Purchase

- Purchase return 1500

70,000

1,30,000

68,500

1,29,000

Carriage inward 300

Wages 15,000

Libilities Amount Rs.

Assets Amount Rs.

Balance Sheet

Debtors 45,000Creditors 35,000

Bill receivable 7000

Bill payable 8000

Fixed Assets :

Machine 18,750

+ Depreciation 1750

20,000

Furniture 6000

Lease hold building 700

o/s wages 1000

8 % Tanvee Loan

Liabilities

15,000

Good will 36,000

Prepaid Insurance 100

Particulars ParticularsDate DevenRs

HemangRs

DateDeven

RsHemang

Rs

Partners’ Capital AccountDr Cr

31-03-05 To drawing a/c 9000 800031-03-05 To interest on

drawing a/c400 350

Particulars ParticularsDate DevenRs

HemangRs

DateDeven

RsHemang

Rs

Partners’ Capital AccountDr Cr

31-03-05 To drawing a/c 9000 800031-03-05 To interest on

drawing a/c400 350

31-03-05 To Balance C/D 59,805 46,620

ParticularsAmount

Rs. ParticularsAmount

Rs.

Profit & Loss Appropriations AccountDr Cr

Debtors 45,000

Creditors 35,000

Opening stock 25,000

- Sales return 1000

Bill receivable 7000

Bill payable 8000

ParticularsAmount

Rs.Particulars

Amount Rs.

ParticularsAmount

Rs.Particulars

Amount Rs.

ParticularsAmount

Rs.Particulars

Amount Rs.

Adjustments : (1) The value of closing stock is Rs. 55,000, the market value is 10 % more.(2) Partners are allowed 6 % annual interest on the capital and the interest on

drawings is charged in the same way : Devan Rs. 400, Hemang Rs 350.(3) Provide depreciation on machines @ 10 %, on furniture @ 5 %.(4) Provide 5 % bad debts reserve on debtors.(5) Outstanding Expenses : Salary Rs 400, Sundry expenses Rs 75, and Rent

Rs 150.

Adjustments : (1) The value of closing stock is Rs. 55,000, the market value is 10 % more.(2) Partners are allowed 6 % annual interest on the capital and the interest on

drawings is charged in the same way : Devan Rs. 400, Hemang Rs 350.(3) Provide depreciation on machines @ 10 %, on furniture @ 5 %.(4) Provide 5 % bad debts reserve on debtors.(5) Outstanding Expenses : Salary Rs 400, Sundry expenses Rs 75, and Rent

Rs 150.

ParticularsAmount

Rs.Particulars

Amount Rs. Particulars

Amount Rs.

ParticularsAmount

Rs.

Capital -Liabilities

Amount Rs.

Assets - Debts

Amount Rs. Particulars

Amount Rs. Particulars

Amount Rs.

Capital and drawings:DevanHemang

9000

8000

45,000

25,000

1000

1000

7000

70,000

200

200

18,250

1750

6000

Debtors and creditors

Stock (1-04-2004)

Goods return

Cash and Bank

Bills

Purchase and sales

Discount

Bad debts and bad debits reserve

Machines

Depreciation on machines

Furniture

40000

35000

35,000

-

1500

4000

8000

1,30,000

150

650

-

-

-

Name of Account L/FNo.

Debit Rs.

Credit Rs.

Partners’ Capital Account

31-03-05 To drawing a/c 9000 8000

31-03-05

31-03-05

To interest on drawing a/c

400 350

To Balance C/D 59,805 46,620

1-4-04 By balance b/d 40,000 35,000

31-3-05 By interest on capital 2400 2100

31-3-05 By profit and loss app a/c (share in divisible profit)

26,805 17,870

Particulars ParticularsDateDeven

RsHemang

Rs DateDeven

RsHemang

Rs

Partners’ Capital AccountDr Cr

31-03-05 To drawing a/c 9000 800031-03-05 To interest on

drawing a/c400 350

31-03-05 To Balance C/D 59,805 46,620

1-4-04 By balance b/d 40,000 35,00031-3-05 By interest on

capital 2400 2100

Particulars ParticularsDateDeven

RsHemang

Rs DateDeven

RsHemang

Rs

Partners’ Capital AccountDr Cr

31-03-05 To drawing a/c 9000 800031-03-05 To interest on

drawing a/c400 350

31-03-05 To Balance C/D 59,805 46,620

1-4-04 By balance b/d 40,000 35,00031-3-05 By interest on

capital 2400 2100

31-3-05 By profit and loss app a/c (share in divisible profit) 26,805 17,870

Particulars ParticularsDate DevenRs

HemangRs

DateDeven

RsHemang

Rs1-4-04

Partners’ Capital AccountDr Cr

Libilities Amount Rs.

Assets Amount Rs.

Balance Sheet

Debtors 45,000Creditors 35,000

Bill receivable 7000

Bill payable 8000