Prepare the final accounts from the …

Prepare the final accounts from the following trial balance for the year ended 31st March, 2015. Name of AccountsDebit Balance (Rs)Name of AccountsCredit Balance (Rs)Drawings85,000Capital15,00,000Purchases28,00,000Creditors4,50,000Carriage inward40,000Outstanding expenses90,000Wages3,00,000Rent received20,000Power1,10,000Purchase return1,50,000Depreciation on machinery20,000Sales44,00,000Advertisement development1,50,000Provision for bad debts20,000Plant and machinery7,00,000Discount received35,000Goodwill1,80,000  Agent’s samples60,000  Opening stock3,50,000  Debtors2,62,000  Cash at bank1,60,000  Cash in hand198,000  Salaries5,00,000  General expenses1,70,000  Prepaid expenses9,000  Salary to agent2,10,000  Rent and insurance2,30,000  Discount allowed70,00  Sales return29,000  Commission to agent32,000   66,65,000 66,65,000 Adjustments: (i) Closing stock was valued at Rs 5,00,000 goods costing Rs 50,000 was destroyed by fire. The insurance company admitted a claim for Rs 30,000 only. (ii) Depreciate agents samples by 25%. (iii) Write-off advertisement development by 30%. (iv) Write-off Rs 22,000 as bad debts and create a provision for doubtful debts on debtors at 5%. (v) Proprietor withdrew Rs 10,000 for his private use. This amount was included in general expenses. (vi) Charge 5% manager's commission on net profit after charging his commission. (vii) There is an contingent liability of Rs 2,00,000 in respect of a court case.

Mohan is admitted as a partner for 1/5th share on the following terms: (a) He is to contribute 14,000 as his share of capital which includes his share of premium for goodwill. (b) Goodwill is valued at 2 years' purchase of the average profits of the last 4 years, which were 10,000; 9,000; 8,000 and 13,000 respectively. (c) Plant to be written down to 25,000 and patents written up by * 8,000. Prepare the Revaluation Account, Partners' Capital Account and the Balance Sheet of the new firm.

Chapter 3 question number 21

Show the Accounting equation for the following transaction (i)Gopinath started business with cash

What is bad depts and how we can show in journal and ledger

Goods of the selling price of 3000 are further withdrawn by Sonia for personal use 20% of cost is added to fix up the selling price

Accounting equation practical problem so Accounts

Features of accounting ?

Paid cash to kamlesh rs 15000

Started business with cash RS 90000 stock 30,000 Purchase परचेज फर्नीचर परचेज फर्नीचर फॉर कैश फॉर कैश 15000 में चेक पैड कैरिंग चार्ज रुपीस 1000 इन कैश सोल 1 की 2 का अबोव स्टॉक तो राम ऑन क्रेडिट रिसीव फ्रॉम राम आफ्टर ए डिस्काउंट का 200 रेंट पैड रुपीस 7000 आउट ऑफ़ व्हिच 2000 इस प्रिपेयर्ड

Illustration 62. Given below is the Balance Sheet of Krishna & Suresh who are partners in a firm sharing profits in the ratio of 3 : 2: Liabilities Amount Creditors Bank Overdraft Investment Fluctuation Fund Contingency Reserve Capital A/c : Krishna Suresh 30,000 20,000 21,000 2,000 6,000 5,000 50,000 84,000 Assets Plant Patents Furniture Investments (Market value Stock Debtors Cash 14,000) Amount (₹) 30,000 5,000 3,000 15,000 13,000 17,000 1,000 84,000 Mohan is admitted as a partner for 1/5th share on the following terms: (a) He is to contribute 14,000 as his share of capital which includes his share of premium for goodwill. (b) Goodwill is valued at 2 years' purchase of the average profits of the last 4 years, which were 10,000; 9,000; 8,000 and 13,000 respectively. (c) Plant to be written down to 25,000 and patents written up by * 8,000. Prepare the Revaluation Account, Partners' Capital Account and the Balance Sheet of the new firm.​