Q.

1 Final Account
Particulars
To Opening Stock
To Purchase
To Gross Profit

To salaries
To Insurance
To General Expenses
To Advertisement
Less: Prepaid

25/5/2014
V-1
Trading a/c for the year ended 31.03.2007
Rs.
Rs.
Particulars
40000 By Sales
80000
By closing stock
40000
160000
Profit & Loss a/c for the year ended 31.03.2007
12000 By Gross Profit
5000
8000 By Interest & Commission
3000
2500
500

To New RDD
Less: Old RDD

1840
1000

To Dep. On Machinery
To Comm. To Lambuji

Sundry Creditors

Particulars
To Drawings
To Drawings (Goods)
To Balance C/d

840
5500
400

To Net profit trfr a/c

Lambuji
Tinguji

Liabilities
Capital a/c
Sharma
Verma

Rs.

5380
5380

10760
43000

Balance Sheet as on 31.03.2007

Rs
Rs.
Assets
Machinery
55780
Less: Dep. @ 10
51180
106960 Furniture
Sundry Debtors
Less: Goods Withdrn
Wrongly Included
55000
Less: New RDD
Prepaid Taxes
Prepaid Advertisement
Closing Stock
161960

Partners's Capital A/c

Tinguji
Particulars
4000 By Balance b/d
200 By Comm. To Lambuji
By Profit & Loss A/c
55780
51180
55780
55380

Lambuji

Rs.
60000
5500
37000
200
36800
1840

Lambuji
50000
400
5380
55780

Rs.
118000
42000
160000
40000
3000

43000

Rs.
54500
26000

34960
2000
2500
42000
161960

Tinguji
50000
5380
55380

Q.2

Q.3

Opeining Statement of affairs as on 1.4.2006

Liabilities
Amt.
Amt.
Assets
Capital A/c ( Opening)
23200 Bank Balance
Stock
Sundry Creditors
2400 Sundry Debtors
O/s Office Rent
1000 Plant & Machinery
26600
Closing Statement of affairs as on 31.03.2007
Liabilities
Amt.
Amt.
Assets
Capital A/c ( Opening)
42430 Stock
Less: W/of
Sundry Creditors
3600 Sundry Debtors
Bank Overdraft
1800 Less: Bad Debts
O/s Office Rent
1500
Less: Res. For Disc

Journal Of Rakesh

Amt.

Amt.
1200
4000
3400
18000
26600

SR

A) i)
ii)

B) i)
Amt. Amt.
6600
600
6000
3800
100
3700
370
3330

ii)
iii)
iv)
c)

Plant & Machinery

Add: Undervalued

32000
8000

40000
D) i)

49330

49330
ii)

Statement of Profit / Loss for the year ended 31.03.2007

Particular
Amt.
Amt.
Closing Capital at end of year
42430
Add: Drawing
3600
Interest on Drawing
90
3690
46120

Less : Opening Capital

Additional Capital
Net Profit for the year

23200
500

23700
22420

Journal Of Rakesh
Particular

Bill Sent for Collection A/c .. Dr

To Bills Receivable A/c
Vrushali A/c ... Dr
To Bill Sent for Collection A/c
To Bank A/c
Surekha A/c .. DR
To Bills Receivable A/c
Surekha A/c .. DR
To Interest A/c
Cash A/c . DR
To Surekha A/c
Bills Receivable A/c . DR
To Surekha A/c
Cash A/c . .. DR
Rebate / Discount A/c .. DR
To Bills Receivable A/c
Ramanand A/c ..Dr
To Bills Receivable A/c
Cash A/c . DR
Bad Debt A/c.. Dr
To Ramanand A/c

Dr

Cr

3000
3000
3030
3000
30
3400
3400
50
50
850
850
2600
2600
11880
120
12000
6000
6000
3600
2400
6000

Q.2
Journal Of Rakesh
Particular

SR

A) i)
ii)

B) i)
ii)
iii)
iv)
c)

D) i)
ii)

Bill Sent for Collection A/c .. Dr

To Bills Receivable A/c
Vrushali A/c ... Dr
To Bill Sent for Collection A/c
To Bank A/c
Surekha A/c .. DR
To Bills Receivable A/c
Surekha A/c .. DR
To Interest A/c
Cash A/c . DR
To Surekha A/c
Bills Receivable A/c . DR
To Surekha A/c
Cash A/c . .. DR
Rebate / Discount A/c .. DR
To Bills Receivable A/c
Ramanand A/c ..Dr
To Bills Receivable A/c
Cash A/c . DR
Bad Debt A/c.. Dr
To Ramanand A/c

Dr

Cr

3000
3000
3030
3000
30
3400
3400
50
50
850
850
2600
2600
11880
120
12000
6000
6000
3600
2400
6000

Particular
To Sundry Assets
Land & Building
Motor Car
Machinery
Investment
Bills Receivable
To Cash A/c
creditors paid
To Cash A/c
( Interest paid.)

Realisation A/c
Amt
Particular
By Sundry Creditors

Amt
29700
20100
22500
10000
6300

Amt

By sadhana's Capital
( B/R Taken over)
88600 By Cash A/c
Land & Building
45900 Motor car
Machinery
1000 Investments
By Loss On Realisation
Sadhana
Seema
Kalpana
135500

Particular
To Balance B/d
To Realisation A/c
To Kalpana Cap. A/c

Par

Amount
3400
65000
1000

69400

Cash A/c
Particular
By Realisation A/c
By Realisation A/c
By Realisation A/c
By Sadhana Cap. A/c
By Seema Cap A/c

Amt
47800
5000

28900
14100
13800
8200

8850
2950
5900

Particular
To Balance B/d
To Realisation A/c
To Realisation A/c
(Loss on Real)
To Kalpana Cap a/c
( Def. Of Kalpana
To Cash A/c

65000

17700
135500

Amount
45900
9200
1000
2725
10575
69400

Sadhana
5000
8850
8925

2725
25500

Partner's Capital A/c

Seema Kalpana Particular
8000 By Balance B/d
By reserve Fund
2950
5900 By Cash A/c
By Sadhana Cap/c
2975
By Seema Cap Ac/

10575
16500

13900

Sadhana Seema Kalpana

24000 16000
1500
500
1000
1000
8925
2975

25500 16500

13900