Business, 07.09.2021 07:50 gwendallinesikes

Q2. Sakina, Sanjana and Sakshi are partners in the firm ‘ SSS Stores’ sharing Profits and Losses in the ratio of 3:2:1 respectively. On 31st March 2018, they decided to dissolve the firm when their Balance Sheet (10) was as under. Balance Sheets as on 31st March 2018. Liabilities Amount ₹ Assets Amount ₹ Creditors 28,800 Building 1,02,000 Bills Payable 21,600 Machinery 73,000 Capital A/c’s Motor Car 1,67,600 Sakina 2,27,160 Goodwill 45,600 Sanjana 1,44,000 Investment 62,400 Sakshi 1,08,000 Debtors 30,600 Stock 45,000 Bank 3,360 5,29,560 5,29,560 Sakina agreed to take over the Building at ₹ 1,23,600.Sanjana took over Goodwill, Stock, and Debtors at Book values and agreed to pay Creditors and Bills payable. Motor Car and Machinery realised ₹ 1,51,080 and ₹ 31,680 respectively. Investments were taken by Sakshi at an agreed value of 55,440.Realisation expenses amounted to ₹ 6,800. Pass necessary entries in the books of “SSS”Stores. Q.3 Krishna and Sagar are Partners sharing Profits and Losses in their capital (12) ratio. From the following Trial Balance given below and Adjustments, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March,2019 and Balance Sheet as on that date. Trial Balance as on 31st March,2019 Debit Balance Amount (₹) Credit Amount (₹) Stock (1/4/2018) 32,500 Capital: Purchases 40,000 Krishna 1,20,000 Sundry Debtors 1,00,000 Sagar 40,000 Bills Receivable 8,500 Sales 60,000 Wages 3,000 Sundry Creditors 30,000 Investment 32,000 Bills Payable 15,000 Postage 2,700 Commission 325 Insurance 7,500 Purchase Returns 1,000 Plant & Machinery 15,000 Salaries 4,850 Prepaid Rent 2,000 Bad debts 500 Furniture 12,500 Cash in Hand 3,775 Sales Return 1,500 2,66,325 2,66,325 Adjustments: Closing Stock is valued at Cost Price ₹ 28,000 and Market Price ₹ 32,000. Insurance is paid upto 30th June 2019. Outstanding Expenses – Wages ₹ 800, Salaries ₹ 700. Book value of Plant and Machinery is reduced to ₹ 13,000. Depreciate Furniture by 5% p. a. Provide further Bad debts of ₹ 800. Goods of ₹ 3,000 distributed as a free sample.

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