Tanmay and Manthan are partners of a firm sharing profit and loss in 2

1.	Tanmay and Manthan are partners of a firm sharing profit and loss in 2 : 1 ratio. Trial balance of their firm as on 31-3-2018 is as follows :Adjustments : (1) Closing stock of goods is of ₹ 50,000 out of which market value of 10% goods is only 40%. (2) Unrecorded purchase is of ₹ 5,000. (3) Bad debts reserve on debtors is not required now. (4) Provide 5% depreciation on plant and machines. (5) Provide 5% interest on capital and 10% interest on opening balance of current accounts of partners. Prepare final accounts of a partnership firm form the above information.
Answer» Gross profit = ₹ 1,36,000; net profit = ₹ 91,150; divisible profit = ₹ 81,750; Out of which for Tanmay ₹ 54,500 and for Manthan ₹ 27,250; Closing balance of partners current accounts = Tanmay ₹ 49,700 (Cr.) Manthan ₹ 45,450; Total of balance sheet = ₹ 3,87,500

Tanmay and Manthan are partners of a firm sharing profit and loss in 2 : 1 ratio. Trial balance of their firm as on 31-3-2018 is as follows :Adjustments : (1) Closing stock of goods is of ₹ 50,000 out of which market value of 10% goods is only 40%. (2) Unrecorded purchase is of ₹ 5,000. (3) Bad debts reserve on debtors is not required now. (4) Provide 5% depreciation on plant and machines. (5) Provide 5% interest on capital and 10% interest on opening balance of current accounts of partners. Prepare final accounts of a partnership firm form the above information.

Answer»

Gross profit = ₹ 1,36,000;

net profit = ₹ 91,150;

divisible profit = ₹ 81,750;

Out of which for Tanmay ₹ 54,500 and for Manthan ₹ 27,250;

Closing balance of partners current accounts = Tanmay ₹ 49,700 (Cr.) Manthan ₹ 45,450;

Total of balance sheet = ₹ 3,87,500