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by Sagar Jain
{{DATE}}
Question 1.
Arti and Bharti are partners in a firm sharing profits in the ratio of 3:2. The following trial balance was extracted from their books as at 31st March, 2023:
TRIAL BALANCE as at 31st March 2023
Dr. Balances | ₹ | Cr. Balances | ₹ |
Opening Stock Purchases Returns Inwards Sundry Debtors Computer Rent (for 11 months) Salary to Staff Land & Building Wages General Charges Cash at Bank Arti’s Drawings Bharti’s Drawings | 36,000 6,20,000 12,000 1,25,000 50,000 22,000 1,20,000 3,52,000 16,000 30,000 25,000 20,000 10,000 14,38,000 | Sales Returns Outwards Sundry Creditors Interest Arti’s Capital Bharti’s Capital | 9,40,000 4,000 43,000 1,000 3,00,000 1,50,000
14,38,000 |
You are required to prepare the Trading, Profit and Loss and Profit and Loss Appropriation Account for the year ended 31st March, 2023 and a Balance Sheet as on that date, taking into account the following adjustments:
(i) Stock on 31st March, 2023 was valued at ₹60,000
(ii) Rent for the month of March 2023 has not been paid.
(iii) Depreciate Computer by 20%.
(iv) Bharti is to be allowed a salary of ₹5,000 per month and partners are entitled to interest on Capital @6% p.a.
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