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Ice Cream parlours are a booming business in india in the present day and age and this

popularity is making its way to retails. New data indicates that ice cream marker is the
fastest growing in the world. Varsha who recently completed her mba in marketing decided
to tap on this business opportunity and decided to startup an ice cream hub in a nearby
popular locality. She was short of capital and discussed this plan with her friends Riya. She
liked the opportunity and duly agreed to be her partner. Varsha and Riya formed a
partnership firm and a partnership deed was soon drafted with the following terms and
conditions.
● Interest on capital will be provided at 6% p.a.
● Profit will be distributed in the ratio 3:2.
● Interest on drawings would be at 5% p.a.
● Varsha would receive 10% commission before charging all other adjustments.
● Interest on loan would be at 6% p.a.
1. They commenced business on 1st april 2017.each partner contributed Rs 10,00,000
as capital.
2. Furniture and fixtures of RS 1,50,000 , decoration and lighting Rs 50,000 and air
conditioners of Rs 50,000 were installed.
3. Machinery required for making and vending ice cream was installed for Rs 4,00,000
4. Two computers were also purchased for Rs 50,000.
5. Out of the total capital Rs 5000 was retained by the firm for petty expenses and the
balance amount was deposited into bank for the running of the business.
6. The following payments were made through the bank:-

Carriage inwards 20,000

Salary and Wages 3,60,000

Electricity Expenses 50,000

Water expenses 30,000

Advertisement and pamphlet exp 50,000

Telephone Charges 20,000

Insurance 30,000

Internet and wifi charges 30,000

Ice cream vending machine 4,00,000

Stock 3,20,000

Sales 15,00,000

7. The following creditors were created for the consumable stores :-


D essence and company 12,000

Atul Dairy 1,00,000

Mawana Sugar company 60,000

G and Company 8,000

8. At the end of the year, petty cash balance in hand was Rs 2,000.
9. The actual amount of general and petty expenses amounted to Rs 25,000 and the
cash required to meet the petty expenses was withdrawn from bank. Closing stock of
consumable stores was valued at Rs 80,000.
10. Depreciation is to be charged on machinery and furniture and fittings at 5%p.a. And
on computers and air conditioners at 10% p.a.
11. Electricity expenses outstanding were Rs 15,000
12. Insurance of Rs 25,000 was prepaid and hence to be carried forward to next year.
13. During the year Rs 3,00,000 and Rs 80,000 were withdrawn by Varsha and Riya
respectively for personal use.
14. Riya advanced Rs 1,00,000 by way of loans to the firm.

Journal

Date Particulars l Dr Cr
f
2017
1 apr Bank a/c dr 19,95,000

Cash a/c dr 5,000

To Varsha’s capital a/c 10,00,000

To Riya’s Capital a/c 10,00,000

(cash brought in as capital )

Furniture and fixtures a/c dr 1,50,000

Decoration and lighting a/c dr 50,000

Air conditioner a/c dr 50,000

Machinery a/c dr 4,00,000

Computer a/c dr 50,000

To bank a/c 7,00,000


( Assets are bought for cash )

2018

31mar Carriage inwards a/c dr 20,000

Salary and wages a/c dr 3,60,000

Electricity expenses a/c dr 50,000

Water expenses a/c dr 30,000

To bank a/c 4,60,000

( Expenses paid through bank )

Advertisement and pamphlet expenses a/c dr 50,000

Telephone Charges dr 20,000

Insurance dr 30,000

Internet and wifi charges dr 30,000

Purchases a/c dr 3,20,000

To Bank a/c 4,50,000

( Expenses paid through bank )

Purchases a/c dr 1,80,000

To D. essence and company 12,000

To Atul Dairy 1,00,000

To Mawana sugar company 60,000

To G and company 8,000

( Credit purchases made )

Cash a/c dr 22,000

To bank a/c 22,000

( Cash required to meet petty expenses withdrawn


from bank)

General and petty cash exp a/c dr 25,000

To cash a/c 25,000


( Actual petty cash expenses paid through cash )

Varsha drawings a/c dr 1,00,000

Riyas drawings a/c dr 80,000

To bank a/c 1,80,000

( drawings made by partners )

Bank a/c dr 15,00,000

To sales a/c 15,00,000

( Goods sold for cash )

Riyas capital a/c dr 72,000

To Bank a/c 72,000

( Rent paid to partner)

Bank a/c dr 1,00,000

To Riyas loan a/c 1,00,000

(loan advanced the firm from riya )

Adjustment entries

Closing Stock a/c dr 80,000

To Trading A/c 80,000

(adjustment of closing stock )

Electricity expenses a/c dr 15,000

To outstanding elec exp a/c 15,000

(electricity expenses due but not paid )

Prepaid insurance dr 5,000

To insurance a/c 5,000

( Insurance prepaid )

Depreciation a/c dr 37,500

To Machinery a/c 20,000

To Furniture and fixtures a/c 7,500


To Computers a/c 5,000

To Air conditioners a/c 5,000

(depreciation charged on all the equipment)

Interest on capital a/c dr 1,20,000

To Varsha’s capital a/c 60,000

To Riya’s capital a/c 60,000

( interest on partners capital provided)

P&l Appropriation a/c dr 2,84,850

To Varsha capital a/c 1,70,910

To Riyas Capital a/c 1,13,940

(Profit distributed between partners in the ratio 3:2)

Varsha’s capital a/c dr 15000

Riya’s capital a/c dr 4000

To Interest on drawings 19000

(interest on drawings charged to partners )

P&l appropriation a/c dr 31,650

To Varsha capital a/c 31,650

( Varsha commision of 10 % paid )

Ledger accounts

Furniture and fixtures a/c


Date Particulars Amount Date Particulars Amount

2017 To bank a/c 1,50,000 2018 By bal c/d 1,50,000

apr1 mar31

1,50,000 1,50,000
Decoration and lighting a/c
Date Particulars Amount Date Particulars Amount

2017 To bank a/c 50,000 2018 By bal c/d 50,000

apr1 31mar

50,000 50,000

Air conditioner a/c


Date Particulars Amount Date Particulars Amount

2017 To bank a/c 50,000 2018 By Balance c/d 50,000

apr1 Mar 31

50,000 50,000

Cash a/c
Date Particulars Amount Date Particulars Amount

2017 To bank 22,000 2018 By general petty cash 25,000

Apr 1 To Capital A/c 5,000 Mar 31 By Balance c/d 2,000

27,000 27,000

Salary and wages a/c


Date Particulars Amount Date Particulars Amount

2018 To Bank a/c 3,60,000 2018 By Balance c/d 3,60,000

mar31 Mar 31

3,60,000 3,60,000

Electricity expenses
Date Particulars Amount Date Particulars Amount

2018 To bank a/c 50,000 2018 By balance c/d 50,000

Mar31 Mar 31

50,000 50,000
Water expenses
Date Particulars Amount Date Particulars Amount

2018 To bank a/c 30,000 2018 By balance c/d 30,000

Mar31 Mar 31

30,000 30,000

Advertisement and pamphlet expenses


Date Particulars Amount Date Particulars Amount

2018 To bank a/c 50,000 2018 By balance c/d 50,000

Mar31 Mar 31

50,000 50,000

Machinery a/c
Date Particulars Amount Date Particulars Amount

2018 To bank a/c 4,00,000 2018 By balance c/d 4,00,000

Mar31 Mar 31

4,00,000 4,00,000

Computers a/c
Date Particulars Amount Date Particulars Amount

2018 To bank a/c 50,000 2018 By balance c/d 50,000

Mar31 Mar 31

50,000 50,000

Carriage inwards a/c


Date Particulars Amount Date Particulars Amount

2018 To bank a/c 50,000 2018 By balance c/d 50,000

Mar31 Mar 31
50,000 50,000

Purchases a/c
Date Particulars Amount Date Particulars Amount

2018 To bank a/c 3,20,000 2018 By balance c/d 5,00,000

Mar31 To D. essence & company 12,000 Mar 31

To Atul Dairy 2,00,000

To mawana Sugar 60,000


company

To G and company 8,000

5,00,000 5,00,000

Telephone charges a/c


Date Particulars Amount Date Particulars Amount

2018 To bank a/c 20,000 2018 By balance c/d 20,00

Mar31 Mar 31

20,000 20,000

Insurance a/c
Date Particulars Amount Date Particulars Amount

2018 To bank a/c 30,000 2018 By balance c/d 30,000

Mar31 Mar 31

30,000 30,000

Internet and wifi charges


Date Particulars Amount Date Particulars Amount

2018 To bank a/c 30,000 2018 By balance c/d 30,000

Mar31 Mar 31

30,000 30,000
General and petty charges a/c
Date Particulars Amount Date Particulars Amount

2018 To cash a/c 25,000 2018 By balance c/d 25,000

Mar31 Mar 31

25,000 25,000

Bank a/c
Date Particulars Amount Date Particulars Amount

2018 To Varsha’s cap a/c 10,00,000 2018 By furniture and fixtures 1,50,000

Mar31 To Riya’s cap a/c 10,00,000 Apr 1 By decoration & lighting 50,000

To Sales a/c 14,95,000 By Air conditioner 50,000

To riyas loan a/c 1,00,000 By Machinery a/c 4,00,000

By Computers a/c 50,000

By salary and wages a/c 3,60,000

By Electricity exp a/c 50,000

By water exp a/c 30,000

By Advt. & pamphlet a/c 50,000

By telephone charges 20,000

By insurance a/c 30,000

By internet and wifi a/c 30,000

By purchases a/c 3,20,000

By carriage inwards a/c 20,000

By cash a/c 22,000

By varsha drawings 1,00,000

By Riyas drawings 80,000

By balance c/d 17,83,000

35,95,000 35,95,000
Sales a/c
Date Particulars Amount Date Particulars Amount

2018 To balance c/d 15,00,000 2018 By bank a/c 15,00,000

Mar31 Mar 31

15,00,000 15,00,000

Riyas loan a/c


Date Particulars Amount Date Particulars Amount

2018 To balance c/d 1,00,000 2018 By bank a/c 1,00,000

Mar31 Mar 31

1,00,000 1,00,000

Trial balance as on 31st march 2018.

Particulars lf Dr bal. Cr bal.

Capitals Varsha 10,00,000

Riya 10,00,000

Sales 15,00,000

Petty cash in hand 2,000

Furniture and fixtures 1,50,000

Decoration and lighting 50,000

Air conditioner 50,000

Computers 50,000

Machinery 4,00,000

Salary and wages 3,60,000

Electricity expense 50,000

Water expenses 30,000

Advertisement and pamphlet exp 50,000


Telephone expenses 20,000

Insurance 30,000

Internet and Wifi charges 30,000

Purchases 5,00,000

Creditors for consumable stores 1,80,000

Carriage inwards 20,000

Cash at bank 17,83,000

Riyas loan a/c 1,00,000

Drawings Varsha 1,00,000

Riya 80,000

General and petty cash expenses 25,000

37,80,000 37,80,000

Final accounts

Trading a/c for the year ending 31st march 2018

Particulars Amount Particulars Amount


To purchases 5,00,000 By sales 15,00,000
(320000-180000)
To carriage inwards 20,000 By closing stock 80,000
To gross profit 10,60,000
15,80,000 15,80,000

Profit and loss account for the year ending 31st march 2018
Particulars Amount Particulars Amount
To salary and wages 3,60,000 By gross profit 10,60,000
To electricity expenses 65,000
(50,000+15,000)
To water expenses 30,000
To advt and pamphlet exp 50,000
To telephone charges 20,000
To internet and wifi charges 20,000
To insurance (30,000-5,000) 25,000
To dep on machinery 20,000
To depr on furn and fix 7,500
To depr on computers 5,000
To depr on air conditioner 5,000
To general & petty cash exp 25,000
To net profit 4,27,500
10,60,000 10,60,000

Profit and loss appropriation for the year ended 31st march 2018
Particulars Amount Particulars Amount
To interest on capital By Net Profit 4,27,500
Varsha - 60,000 By Interest on drawings
Riya - 60,000 1,20,000 Varsha - 5,000
To commision to Riya 31,650 Riya - 4,000 9,000
To Net Profit to partners
Varsha - 1,70,910
Riya - 1,13,940 2,84,850

4,27,500 4,27,500
Partners Capital Account

Particulars Varsha Riya Particulars Varsha Riya


To drawings 1,00,000 80,000 By balance b/d 10,00,000 10,00,000
To int on drawings 5,000 4,000 By interest on cap 60,000 60,000
To Balance c/d 11,25,910 11,21,590 By P&l appr 1,70,910 1,13,940
By p&l appr - 31650
12,30,910 12,05,590 12,30,910 12,05,590

Balance sheet as at 31st march 2018


Particulars Amount Particulars Amount
Capital a/c Machinery 3,80,000
(4,00,000-20,000)
Varsha 11,25,910 Furniture and 1,42,500
fixture(1,50,000-7,500)
Riya 11,21,590 Decoration and lighting 50,000
Creditors Air conditioner (50,000 45,000
- 5,000)
D. essence and company 12,000 Computers 45,000
(50,000-5,000)
Atul Dairy 2,00,000 Closing stock 80,000
Mawana sugar company 60,000 Prepaid insurance 5,000
G and company 8,000 Cash at bank 17,83,000
Outstanding elec exp 15,000 Cash in hand 2,000
Riyas loan 1,00,000 1,10,000?

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