Partnership Final Accounts Illustrations No.7 Solution | Page No. 39

Partnership Final Accounts

Books Page No.39

Illustrations No.7

 7.Sapre and Atre are partners sharing Profits and Losses equally. From the following Trial Balance and Adjustments, prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as on that date.

 Adjustments :
1) Closing Stock is valued at ₹ 23,000. 
2) Depreciate Land and Building @ 5% and Machinery @10%. 
3) Create Provision for Bad and Doubtful Debts at 5% on Sundry debtors and write off ₹ 1000 for Bad-debts. 
4) Goods worth ₹ 3000 were sold, but no entry was found in the books of account. 
5) Outstanding carriage ₹ 500. 
6) Goods worth ₹ 8000 were purchased on 31st March, 2019 and included in the closing stock but not recorded in the Books of Account.


More 12 STD Partnership Final Accounts

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12 STD Partnership Final Accounts

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