12th commerce book keeping & accountancy chapter 1 Practical Problems NO.7 question with solution

Chapter 1

Partnership Final Accounts

Books Page No. 59

Practical Problems NO. 7

 7. Satish and Pramod are Partners. Prepare Trading Account and Profit and Loss Account for the year 31st March, 2019. You have to find out Gross Profit and Net Profit only.

 Adjustment:

1) Closing stock is valued at Rs. 42,000.

2) Bills Receivable included dishonour bill of Rs. 4,000.

3) Goods worth Rs. 2,100 were taken by Rane for his personal use was not entered in the books of 

    accounts.

4) Goods worth Rs. 4,000 were sold on 27th March, 2012, but no entry was made in the books of 

     accounts.

6) Travelling expenses includes, personal travelling expenses of Mr. Chavan of Rs. 800.

7) Depreciate Building at 7% p.a.

ANS: 

     

Working note: 1)

Debtors                           ₹ 40,000

Add: unrecorded sales   ₹ 2,000

                                            42,000

Less: bad debts (new)        800

                                         41,800

Less: R.D.D

(3% of 41,800)                  1236

                                         38024

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More 12 STD Partnership Final Accounts

Practical Problems link

 

Practical Problems. 1

https://www.surajpateleducation.com/2022/07/12th-standard-partnership-final.html

 

Practical Problems. 2

https://www.surajpateleducation.com/2022/07/12th-standard-partnership-final_11.html

 

Practical Problems. 3

https://www.surajpateleducation.com/2022/07/partnership-final-accounts-12th.html

 

Practical Problems. 4

https://www.surajpateleducation.com/2022/07/partnership-final-accounts-12th_13.html

 

Practical Problems. 5

https://www.surajpateleducation.com/2022/07/12th-partnership-final-accounts.html

 

Practical Problems. 6

https://www.surajpateleducation.com/2022/07/12th-commerce-book-keeping-accountancy.html

 

Practical Problems. 7

https://www.surajpateleducation.com/2022/07/12th-commerce-book-keeping-accountancy_27.html

 

Practical Problems. 8

https://www.surajpateleducation.com/2022/08/12th-commerce-bk-book-pdf-chapter-1.html

 

Practical Problems. 9

https://www.surajpateleducation.com/2022/08/12th-accounts-chapter-1-practical.html

 

Practical Problems. 10

https://www.surajpateleducation.com/2022/08/12th-final-accounts-chapter-1-practical.html

 

12 STD Partnership Final Accounts

Illustrations Problems Link

 

Illustrations No.1

https://www.surajpateleducation.com/2022/08/introduction-to-partnership-and.html

 

Illustrations No.2

https://www.surajpateleducation.com/2022/08/introduction-to-partnership-and_16.html

 

Illustrations No.3

https://www.surajpateleducation.com/2022/08/introduction-to-partnership-and_45.html

 

Illustrations No.4

https://www.surajpateleducation.com/2022/08/introduction-to-partnership-and_23.html

 

Illustrations No.5

https://www.surajpateleducation.com/2022/08/introduction-to-partnership-and_37.html

 

Illustrations No.6

https://www.surajpateleducation.com/2022/08/introduction-to-partnership-and_10.html

 

Illustrations No.7

https://www.surajpateleducation.com/2022/08/introduction-to-partnership-and_11.html

 

Illustrations No.8

https://www.surajpateleducation.com/2022/08/introduction-to-partnership-and_66.html

 

Illustrations No.9

https://www.surajpateleducation.com/2022/08/introduction-to-partnership-and_20.html

 

Illustrations No.10

https://www.surajpateleducation.com/2022/08/introduction-to-partnership-and_73.html