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Ram and Shyam are partners of a partnership firm sharing profit and loss equally. Trial balance of their firm as on 31-3-18 was as follows :Additional Information :(1) Closing stock is valued at ₹ 20,000, out of which market value of 10% goods is 10% less while 20% goods is 10% more. (2) Unrecorded purchase return goods is of ₹ 2,000 (3) Write off ₹ 2,000 as bad debts and provide ₹ 4,000 for bad debts reserve. (4) Insurance premium ₹ 2,000 is paid in advance. (5) Provide depreciation at 8% on land and building. (6) Provide interest on capital at 5% and interest on drawings at 10% p.a. Prepare final accounts from the above information for the partnership firm. |
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Answer» Gross profit = ₹ 2,13,800; net profit = ₹ 1,45,800; divisible profit ₹ 1,40,200; out of which for Ram ₹ 70,100 and for Shyam ₹ 70,000; Closing balance of capital Ram : ₹ 1,53,600; Shyam ₹ 1,18,200; Total of balance sheet = ₹ 3,53,800 |
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