Partnership Final Accounts Illustrations No.2 problem with solution

Chapter 1

Partnership Final Accounts

Books Page No.27

Illustrations No.2

2.From the following Trial Balance and Adjustments given below you are required to prepareTrading and Profit and Loss Account for the year ended 31st March, 2019 and BalanceSheet as on that date in the books of Shilpa and Katrina.

 Adjustments 

(1) The Stock in Hand was valued at ₹ 58,000 on 31st March, 2019. 

(2) Outstanding Expenses : Royalties ₹ 1,500 and Wages ₹ 800.

(3) Salaries paid in advance to staff ₹ 2,000. 

(4) Create a provision for Bad Debts ₹ 1,000 and Reserve for Doubtful Debts 3% on Sundry Debtors. 

(5) Depreciate Land and Building by 5% and Furniture by 10%.

ANS:

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