Accounting Q.1 Arjun, Bhim and Kartik are partners in a firm sharing profits in the ratio of 2:2:1. Partners are entitled to interest on capital 6% per annum and Salaries of RO 120 per month. The Following balances were extracted from their books on 30th March, 2020. 30,000 1,125 25,000 1,000 15,000 1,500 4,965 32,100 79,085 142,235 36,870 1,060 1,075 2,670 200 Arjun's Capital Arjun's Drawings Bhim's Capital Bhim's Drawings Kartik Capital Kartik Drawings Office Salaries Plant and Machinery Purchases Sales Buildings Interest Dr. Advertising General Charges Discount Cr. Bad debts 625 1,235 1,000 1,245 25,785 18,995 5,745 1,730 15,710 4,300 4,465 1,250 Prepare Profit and Loss Account for the year ended 30th march, 2020 and a Balance Sheet as at that date. In doing so the following adjustments are required to be made. Write off depreciation on plant and machinery at 10%, on Buildings at 5% and on Furniture at 11.5%. Taxes and Insurance Furniture Repairs Rent Opening Stock of Raw Material Cash in Hand Office expense Sundry Debtors Sundry Creditors Bills Receivable Loan @6.5% Closing stock was Valued RO 36,000 Further Bad debts RO 1,000 RO 800 for Rent and RÓ 1,000 for salaries are outstanding.
Accounting Q.1 Arjun, Bhim and Kartik are partners in a firm sharing profits in the ratio of 2:2:1. Partners are entitled to interest on capital 6% per annum and Salaries of RO 120 per month. The Following balances were extracted from their books on 30th March, 2020. 30,000 1,125 25,000 1,000 15,000 1,500 4,965 32,100 79,085 142,235 36,870 1,060 1,075 2,670 200 Arjun's Capital Arjun's Drawings Bhim's Capital Bhim's Drawings Kartik Capital Kartik Drawings Office Salaries Plant and Machinery Purchases Sales Buildings Interest Dr. Advertising General Charges Discount Cr. Bad debts 625 1,235 1,000 1,245 25,785 18,995 5,745 1,730 15,710 4,300 4,465 1,250 Prepare Profit and Loss Account for the year ended 30th march, 2020 and a Balance Sheet as at that date. In doing so the following adjustments are required to be made. Write off depreciation on plant and machinery at 10%, on Buildings at 5% and on Furniture at 11.5%. Taxes and Insurance Furniture Repairs Rent Opening Stock of Raw Material Cash in Hand Office expense Sundry Debtors Sundry Creditors Bills Receivable Loan @6.5% Closing stock was Valued RO 36,000 Further Bad debts RO 1,000 RO 800 for Rent and RÓ 1,000 for salaries are outstanding.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Accounting
Q.1 Arjun, Bhim and Kartik are partners in a firm sharing profits in the ratio of 2:2:1. Partners are
entitled to interest on capital 6% per annum and Salaries of RO 120 per month.
The Following balances were extracted from their books on 30th March, 2020.
30,000
1,125
25,000
1,000
15,000
1,500
4,965
32,100
79,085
142,235
36,870
1,060
1,075
2,670
200
Arjun's Capital
Arjun's Drawings
Bhim's Capital
Bhim's Drawings
Kartik Capital
Kartik Drawings
Office Salaries
Plant and Machinery
Purchases
Sales
Buildings
Interest Dr.
Advertising
General Charges
Discount Cr.
Bad debts
625
1,235
1,000
1,245
25,785
18,995
5,745
1,730
15,710
4,300
4,465
1,250
Prepare Profit and Loss Account for the year ended 30th march, 2020 and a Balance Sheet as
at that date. In doing so the following adjustments are required to be made.
Write off depreciation on plant and machinery at 10%, on Buildings at 5% and on Furniture at 11.5%.
Taxes and Insurance
Furniture
Repairs
Rent
Opening Stock of Raw Material
Cash in Hand
Office expense
Sundry Debtors
Sundry Creditors
Bills Receivable
Loan @6.5%
Closing stock was Valued RO 36,000
Further Bad debts RO 1,000
RO 800 for Rent and RÓ 1,000 for salaries are outstanding.
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