AHSEC Class 12 Accountancy Question Bank: Final Accounts of Partnership Question Bank (1999 to 2022)

AHSEC CLASS 12
ACCOUNTANCY QUESTION BANK

UNIT – 4 FINAL ACCOUNTS OF PARTNERSHIP FIRMS
Questions Aksed From 1999 to 2022 exam

[A.H.S.E.C – 1999]. Arup and Prabhat are partners in a firm sharing profits and losses in the ratio of 53:53 respectively. The Trial Balance of the firm as on 31^st March 2006 was as follows:

Trial Balance

Debit	Rs.	Credit	Rs.
Plant & machinery Furniture Building Debtors Carriage Outward Salaries Bad Debts Cash in hand Cash at Bank Insurance Drawings      Prabhat      6,000      Arup           8,000 Closing Stock	34,000 3,000 30,000 22,000 840 5,600 300 60 280 600     14,000 15,000	Capital Accounts :      Arup                 25,000      Prabhat            25,000 Sundry Creditors Bank Overdrafts Provision for Doubtful Debts Wages Outstanding Trading Account (Gross Profit)	50,000 16,000 8,000 1,200 100 50,380
	1,25,680		1,25,680

                Prepare Profit and Loss Account and Profit and Loss Appropriation Account for the year ended 31^st March, 2006 and Balance Sheet as at that date after taking into consideration the following:

a)      Outstanding Expenses: Salaries Rs. 200; Interest on Bank Overdraft Rs. 150;

b)      Plant and Machinery included a machine worth Rs. 10,000 purchases on 1^st Oct, 2005.

c)       Provide depreciation on Plant and Machinery and Furniture at 10% p.a. and on Buildings at 2.5%.

d)      Provision for Doubtful Debts to be maintained at 10% p.a.

e)      Interest on Capital to be allowed at 10% p.a.

f)       Salaries paid include salaries Rs. 1,000 paid to the partner Arup.

[A.H.S.E.C. – 2000]. Abhijit and Surojit are partners in a firm sharing Profit and Loss in the ratio of 3:2 respectively. The Trial Balance of the firm as on 31^st March, 2007 was as follows:

Trial Balance

Debit	Rs.	Credit	Rs.
Furniture Land & Building Drawings :        Abhijit        Surojit Cash at Bank Sundry Debtors Salaries Insurance Bad Debts Closing Stock	6,250 21,000   1,200 800 7,900 10,000 13,250 1,900 100 7,580	Rent Received Provision for doubtful debts Capital Accounts :         Abhijit         Surojit Wages outstanding Trading Account (Gross Profit)	600 800   20,000 13,000 200 35,380
	69,980		69,980

Prepare Profit and Loss Account and Profit and Loss Appropriation Account for the year ended 31^st March, 2007 and a Balance Sheet as at that date after taking into consideration the following:

a)      Outstanding expenses: Salaries Rs. 350;

b)      Insurance was prepaid to the extent of Rs. 200;

c)       Depreciate Furniture @ 4% p.a.

d)      Provision for doubtful debts to be maintained at 3% of Debtors;

e)      Interest on capital to be allowed @ 5%

f)       Surojit was to receive a salary of Rs. 250 per month.

[A.H.S.E.C. - 2001]. Following is the Trial Balance of Bora Brothers as on 31^st March, 2007.

Debit	Rs.	Credit	Rs.
Plant & Machinery Salaries Freight on Sales Building Goodwill Furniture Sundry Debtors Bad Debts Cash at Bank Investment Cash in hand Establishment Stock Environment Protection Expenses Drawings :    Ramen Bora    5,000    Pradip Bora     3,000 Publicity	35,000 15,850 2,140 54,000 15,000 10,000 48,200 1,400 1,200 10,000 170 13,000 10,000 5,500     8,000 5,000	Capital Account :   Ramen Bora   Pradip Bora Trading Account (Gross Profit) Creditors Bank Loan Sundry Receipts Commission Outstanding Wages Provision for Doubtful Debts.	50,000 30,000 85,700 44,560 21,000 1,000 1,000 200 1,000
	2,34,460		2,34,460

Prepare the Profit and Loss Account and the Profit and Loss Appropriation Account of the firm for the year ended 31.3.2000 and Balance Sheet as at that date after taking into consideration of the following:

a)      Outstanding salary Rs. 500;

b)      Prepaid publicity Rs. 500;

c)       Depreciate plant and machinery @ 10% p.a.

d)      Commission received in advance Rs. 200;

e)      Provide for doubtful debts @ 5% on sundry debtors;

f)       Allow interest on partner capitals @ 5% p.a.

[A.H.S.E.C. – 2002]. Saurav and Gaurav are partners in a firm sharing Profit and Loss equally. The Trial Balance of the firm as on 31^st March, 2001 was as follows:

Trial Balance

Debit	Rs.	Credit	Rs.
Sundry Debtors Furniture Land & Building Salaries Insurance Bad debts Cash at Bank Discount Bank charges Carriage Outward Drawings :      Saurav      Gaurav	10,000 16,000 21,000 13,200 2,000 200 15,000 580 420 570   4,000 2,500	Trading Account     (Gross Profit) Rent received Provision for bad debts Outstanding wages Sundry Creditors Bills Payable Commission Sundry receipts Capital :      Saurav      Gaurav	35,620 600 800 200 10,000 2,000 250 1,000   20,000 15,000
	85,470		85,470

Prepare Profit and Loss Account and Profit and Loss Appropriation Account for the year ended 31^st March, 2001 and a Balance Sheet as at that date after taking into consideration the followings:

a)      Outstanding Salary Rs. 300;

b)      Prepaid Insurance Rs. 200;

c)       Depreciate furniture 10%, Land & Building 10%;

d)      Provision for Doubtful Debts to be maintained at 10% of Debtors.

e)      Saurav was to receive a Salary of Rs. 300 per month.

[A.H.S.E.C. - 2003]. Following is the Trial Balance of Jadu and Madhu as on 31^st March, 2002:

Debit	Rs.	Credit	Rs.
Machinery Furniture Copy Right Building Salaries Taxes General Expenses Bills Receivable Debtors Charity Investment Bank Balance Cash in hand Drawings :                  Jadu                  Madhu Closing Stock	3,00,000 8,000 10,000 1,35,000 16,000 800 1,000 1,800 42,800 1,400 30,000 15,000 600   12,000 8,000 20,000	Capital :              Jadu              Madhu Reserve Fund Outstanding Wages Bad Debts Provision Bills Payable Sundry Creditors Trading Account (Gross Profit) Profit from Joint Venture Profit from Branch	2,40,000 1,60,000 19,000 400 1,400 42,400 13,200 1,24,600 1,000 400
	6,02,400		6,02,400

Prepare Profit and Loss Account and Profit and Loss Appropriation Account for the year ended 31^st March, 2002 and also a Balance Sheet as on that date after taking into consideration the following adjustments:

a)      Partners are entitled to interest of Capital at 5% p.a.

b)      Transfer 10% of Net Profit to Reserve Fund.

c)       Bad Debts provision has to be increased to 5% on Debtors.

d)      Interest on Investment accrued Rs. 500.

e)      Depreciate Machinery @10%

[A.H.S.E.C. – 2004]. Kamal and Bimal are partners in a partnership firm sharing profits and losses in the ratio of 2:1 respectively. The Trial Balance of the firm as on 31^st March, 2003 was as follows:

Debit	Rs.	Credit	Rs.
Furniture Land & Buildings Drawings :                  Kamal                  Bimal Closing Stock Insurance Salaries Sundry Debtors Cash at Bank Discount	16,000 20,000   1,500 1,000 8,500 2,000 12,500 10,000 8,200 2,000	Capital :              Kamal              Bimal Trading Account (Gross Profit) Bad Debts Provision Creditors Sundry Receipts	20,000 15,000 40,250 300 4,150 2,000
	81,700		81,700

Prepare Profit and Loss Account, Profit and Loss Appropriation Account for the year ended 31^st March, 2003 and also a Balance Sheet as on that date after taking into consideration the following adjustments:

a)      Outstanding salary Rs. 500.

b)      Provision for bad debts to be created @ 5% on Sundry Debtors.

c)       The Partners are entitled to interest on capital @ 5% p.a.

d)      Depreciate land & building @ 10% p.a.

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ALSO READ (AHSEC ASSAM BOARD CLASS 12):

1. AHSEC CLASS 12 ACCOUNTANCY CHAPTERWISE NOTES

2. AHSEC CLASS 12 ACCOUNTANCY IMPORTANT QUESTION (THEORY)

3. AHSEC CLASS 12 ACCOUNTANCY IMPORTANT QUESTION BANK (PRACTICAL)

4. AHSEC CLASS 12 ACCOUNTANCY PAST EXAM PAPERS (FROM 2012 TILL DATE)

5. AHSEC CLASS 12 ACCOUNTANCY SOLVED QUESTION PAPERS (FROM 2012 TILL DATE)

6. AHSEC CLASS 12 ACCOUNTANCY CHAPTERWISE MCQS

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[A.H.S.E.C. – 2005]. Amal and Bimal are partners of a firm. The Trial Balance of the firm as on 31^st March, 2004 was as follows:

Trial Balance

Debit	Rs.	Credit	Rs.
Plant & Machinery Goodwill Sundry Debtors Stock on 31st March 2004 Salaries Depreciation On Plant & Machinery Books and Stationary Establishment Cash in Hand Investment Drawings :          Amal         4,000          Bimal        2,000	50,000 5,000 31,000 20,000 7,000 5,000 1,000 2,000 1,000 10,000     6,000	Capital :        Amal         40,000        Bimal        30,000 Sundry Creditors Commission Sundry Receipts Outstanding Wages Interest on Investment Trading Account (Gross Profit) Bank Overdraft	70,000 10,000 3,000 200 600 200   50,000 4,000
	1,38,000		1,38,000

Additional Information:

a)      Write off Rs. 1000 as Bad Debt and provide a 5% Reserve on remaining Debtors for Doubtful Debts.

b)      Commission received in advance Rs. 500.

c)       Transfer 10% of Net profit to General Reserve.

d)      Allow interest on Capital @ 5% p.a.

From the above Trial Balance and additional information, prepare a Profit and Loss Account and Profit and Loss Appropriation Account for the tear ended 31^st March, 2004 and a Balance Sheet as on that date.

[A.H.S.E.C. – 2006]. Shiva and Dhruba are partners in a firm. The Trial Balance of the firm as on 31^st March, 2005 was as follows:

Trial Balance

Debit	Rs.	Credit	Rs.
Machinery Goodwill Patent Sundry Debtors Cash in hand Closing Stock on 31.3.05 Investments Depreciation on Machinery Establishment Carriage Outward Taxes Telephone Charge Conveyance Drawings :    Shiba              5,000    Dhruba           4,000 Salaries Bank Charges	54,000 10,000 20,000 21,000 1,000 25,000 10,000 6,000 10,000 1,000 500 3,600 800     9,000 8,000 100	Capital :    Shiba           50,000    Dhruba         40,000 Sundry Creditors Interest on Investment Sundry Receipts Bills payable Bank Overdraft Outstanding wages Trading Account (Gross profit) Discount	90,000 5,000 400 200 2,000 10,000 500 71,000 900
	1,80,000		1,80,000

Prepare a Profit and Loss Account and Profit and Loss Appropriation Account for the year ended 31^st March, 2005 and also a Balance Sheet as on that date after taking into consideration the following adjustments:

a)      Write of Rs. 1,000 as Bad Debt and provide a 5% Provision on Sundry Debtors for Doubtful Debts.

b)      Interest on investment Accrued Rs. 600.

c)       Interest on Partner’s Capital is allowed @ 5% p.a.

d)      Create a General Reserve by taking Rs. 5,000 out of Profit.

[A.H.S.E.C. – 2007 – Old course]. Following is the Trial Balance of X and Y Firm as on 31.3.2006.

Debit	Rs.	Credit	Rs.
Furniture Plant & Machinery Salaries for 11 months Telephone Cash discount on sale Contingencies Insurance for 12 months ending on 30.06.2006. Establishment 10% Investment (purchased on 1.10.2005) Cash in hand Cash at Bank Stock Drawings :                  X                  Y Loss by Fire Debtors	5,000 25,000 11,000 300 500 1,000   1,200 2,500   10,000 2,000 14,500 80,000   10,000 8,000 5,000 20,000	Gross profit Capital :              X              Y Loan from X on 1.1.2006 Reserve Creditors Cash discount on purchases Commission Bad Debt recovered Outstanding wages	93,300   25,000 25,000 6,000 14,000 30,000 700 800 200 1,000
	1,96,000		1,96,000

Prepare Profit and Loss Account and Profit and Loss Appropriation Account for the year ended 31^st March, 2006 and Balance Sheet as at that date after taking into consideration of the following adjustments:

a)      Plant and Machinery includes new purchase of plant and machinery for Rs. 10,000 made on 1.10.2005.

b)      Insurance claim accepted by Insurance Company Rs. 4,000.

c)       Depreciate Plant and Machinery at 10% p.a.

d)      Write off Rs. 1,000 as bad debt and provide a Reserve for Doubtful Debts at 5% on Sundry Debtors.

e)      Interest on capital is allowed at 5% p.a.

[A.H.S.E.C. - 2007]: Dhiraj and Rohit are partners in a firm. The trial balance of the firm as on 31^st march 2006 was as follows:

Trial Balance

Debit	Amount	Credit	Amount
Goodwill Debtors Trade marks Plant and machinery Building Furniture 10% Investment Cash in hand Cash at Bank Stock on 31 – 3 – 2006 Bills receivable Salaries Telephone charges Printing and stationery Advertisement Drawings: Dhiraj Rohit Bad Debts Interest on Bank loan	4000 20000 30000 25000 30000 5000 10000 1050 14650 17500 1500 5750 1600 150 250   2050 3000 250 3000	Capital: Dhiraj Rohit Creditors Bills payable Reserves Interest on investments Provision for doubtful debts Bank loan Commission received in advance Trading account (Gross Profit)	40000 20000 12500 2000 11000 300 1100 30000 1000 56850
	174750		174750

Prepare a Profit and loss Account, a Profit and loss appropriation Account for the year ended on 31^st march 2006 and also a balance sheet as on that date after taking in to account the following adjustments:

a.       Plant and machinery to be depreciated at 10% and furniture at 15%

b.      Interest on investment due but not received within the accounting year Rs. 700.

c.       A further bad debt of Rs. 250 is to be written off and provision for doubtful debts is to be maintained at 4% on sundry debtors.

d.      Each of the partners is entitled to interest on capital @5% per annum and salary @ Rs. 2000 per annum.

[A.H.S.E.C. - 2008]: Sonali and Rupali are partners in a firm sharing profits and losses in the ratio of 3:1. The following is their trial balance as at 31^st December 2007.

Trial Balance

Debit	Amount	Credit	Amount
Machinery Salaries Carriage outward Building Goodwill Furniture Debtors Bad debts Cash at bank Investment Cash in hand Establishment Stock as on 31-12-2007 Depreciation on machinery Environment protection expenses Publicity Drawings: Sonali Rupali	35000 15850 2140 54000 15000 10000 48200 1400 1200 10000 1170 13000 10000 3500 5500 5000   5000 3000	Capital account: Sonali Rupali Trading account (Gross profit) Creditors Bank loan Discount Commission Outstanding wages Provision for doubtful debts	50000 30000 85700 44560 21000 4500 1000 1200 1000
	238960		238960

Additional Information:

a)      Prepaid publicity Rs. 500.

b)      Commission received in advance Rs. 200.

c)       Provide for doubtful debts @ 5% on sundry debtors.

d)      Allow interest on capital @ 5% p.a.

From the above trial balance and additional information, prepare a profit and loss account, a profit and loss appropriation account for the year ended 31^st December 2007 and a balance sheet as on that date.

[A.H.S.E.C. – 2009]: Rakesh and Mahesh are partners in a firm sharing profits and losses in the ratio of 3: 2 respectively. The Trial Balance of the firm as on 31^st March, 2008 was as follows:

Debit	Rs.	Credit	Rs.
Furniture Land & Building Cash at Bank Sundry Debtors Salaries Insurance Bad debts Closing Stock  Drawings:        Rakesh                        Mahesh Depreciation on Furniture	6,240 1,21,000 7,900 10,000 13,250 1,900 100 7,580   1,200 800 260	Rent Received Provision for Doubtful Debts Capital A/c: Rakesh Mahesh Wages Outstanding Trading A/c (Gross Profit) Commission	600 800   70,000 63,000 200 35,380 250
	1,70,230		1,70,230

Prepare a Profit & Loss Account and a Profit & Loss Appropriation Account for the year ended 31^st March, 2008 and also a Balance Sheet as on that date after taking into consideration the following adjustments:

a)      Outstanding salary Rs. 350;

b)      Provision for doubtful debts to be maintained at 3% of Debtors;

c)       Allow interest on capital @ 5% per annum; and

d)      Mahesh was to receive salary of Rs. 250 per month.

[A.H.S.E.C. - 2010]. Abhijit and Rabijit are in a partnership firm sharing profits and losses in the ratio of 1:1. The Trial balance of the firm as on 31^st December, 2008 was as under: -

Debit	Rs.	Credit	Rs.
Land & Building Furniture Sundry Debtors Salaries Rent Bad Debts Cash at Bank Commission Bank Charges Carriage Outward Drawings:        Abhijit                3,500        Rabijit                2,000	20,000 18,000 12,000 14,100 2,500 400 16,000 600 500 450     5,500	Gross Profit Discount Provision for Bad Debts Outstanding Wages Sundry Creditors Bills Payable Interest on Investment Capital:         Abhijit                   25,000         Rabijit                    16,000	29,600 1,800 1,200 450 12,000 2,500 1,500     41,000
	90,050		90,050

Prepare Profit & Loss Account and Profit & Loss Appropriation Account for the year ended 31^st December, 2008 and a Balance Sheet as on that date after considering the following adjustments:

a)      Rent outstanding Rs. 600;

b)      Depreciate furniture by 5% and appreciate Land & Building by 10%;

c)       Salaries prepaid Rs. 500;

d)      Provision for doubtful debts to be maintained at 8% of Debtors and

e)      Interest on capital @ 5% should be allowed to partners.

[A.H.S.E.C. - 2011]: Kajal and Karina are in partnership in a firm sharing profit in the ratio of 32:24. Their Trial Balance as on 31^st December 2010 was as follows:

Trial Balance

Debit	Amount	Credit                           Amount (Rs)	Amount
Investment Sundry Debtors Advertisement Salaries Commission Bad debt Stock Carriage outward Drawings:-                               Kajal Karina Machinery	25,000 10,700 6,000 17,600 900 1,200 32,000 650   5,000 3000 36,000	Capital : Kajal Karina Reserve fund Gross profit Rent received Sundry creditors Outstanding rent Bank overdraft Loan from Kajal (on 1.7.2010)	40,000 25,000 7,500 41,550 500 12,000 1,000 4,500 6,000
	1,38,050		1,38,050

Prepare Profit and Loss account and Profit and Loss Appropriation account for the year ended 31^st December 2010 and a Balance Sheet as on that date after taking into consideration the following adjustment:

(i)      Salaries outstanding Rs 400

(ii)    Interest on investment accrued Rs. 300

(iii)   Interest on capital to be allowed @ 5% p.a.

(iv)  Interest on drawings : Kajal Rs. 120, Karina Rs. 80

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ALSO READ (AHSEC ASSAM BOARD CLASS 12):

CHAPTERWISE PRACTICAL IMPORTANT QUESTIONS

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[A.H.S.E.C. - 2012]. Choudhury and Barua are partners in a firm sharing profit and losses in the ratio of 50:50 respectively. The trial balance of the firm as on 31^st march 2011 was as follows:

Trial Balance

Particulars	Amount	Particulars	Amount
Machinery Furniture Buildings Debtors General expenses Insurance Salaries Bad debts Cash in hand Stationery 10% investment Drawings: Barua Choudhury Closing stock	51000 4500 45000 31500 460 800 8400 450 90 900 15000   9000 12000 21000	Capital account: Choudhury Barua Sundry creditors Bank overdraft Provision for doubtful debts Wages outstanding Trading account (Gross Profit)	40000 80000 32500 12000 1800 150 74070
	200520		200520

Prepare Profit and loss account, Profit and loss Appropriation account for the year ended 31^st March, 2011 and a balance sheet as at that date after taking into consideration the following:

a)      Outstanding expenses: Salaries Rs. 300, Interest on Bank overdraft Rs. 225.

b)      Machine worth Rs. 15000 purchased on 1^st October, 2010.

c)       Provide depreciation on machinery and furniture @ 10% p.a. and on building @ 2.5% p.a.

d)      Interest on capital to be allowed @ 10% p.a.

e)      Prepaid insurance Rs. 150.

f)       Partners are entitled to a salary of Rs. 1000 p.a. each.

[A.H.S.E.C. - 2013].Shiba and Dhruba are partners in a firm. The trial balance of the firm as on 31.03.2011 was as follows:

Trial Balance

Debit	Amount	Credit	Amount
Machinery Goodwill Patents Sundry debtors Cash in hand Closing stock on 31.03.2011 Investments Depreciation on machinery Establishments Carriage outward Taxes Telephone charges Conveyance Drawings: Shiba Dhruba Salaries Bank charges	54000 10000 20000 21000 1000 25000 10000 6000 10000 1000 500 3600 800   5000 4000 8000 100	Capital: Shiba Dhruba Sundry creditors Interest on investment Sundry receipts Bank overdraft Outstanding wages Trading account (Gross profit) Discount Bills payable	50000 40000 5000 400 200 10000 500 71000 900 2000
	180000		180000

Prepare a profit and loss account and a profit and loss appropriation account for the year ended on 31.03.2011 and also a balance sheet as on that date after taking into consideration the following adjustments:

a)      Write off Rs. 1000 as bad debts and provide a 5% provision on sundry debtors for doubtful debts.

b)      Interest on investments accrued Rs. 600.

c)       Interest on partner’s capital is allowed @ 5% p.a.

d)      Create a general reserve by taking Rs. 5000 of profits.

[A.H.S.E.C. - 2014] The following is the Trial Balance of X and Y firm as on 31.3.2013:   

Trial Balance

Debit	Amount	Credit	Amount
Fixed Assets Advance Income Tax Salaries Taxes Miscellaneous Expenses Bills Receivable Sundry Debtors Closing Stock Charity Investment Bank Balance Drawings: X Y	453000 200 16000 800 1000 1800 42800 20000 1400 30000 15600   12000 8000	Reserve Fund Outstanding Wages Bad Debt Provision Sundry Creditors Capital: X Y Profit from Joint Venture Profit from Branch Trading Account (Gross Profit)	19000 600 1400 55600   240000 160000 1000 400 124600
	602600		602600

Prepare Profit and Loss Account and Profit and Loss Appropriation Account for the year ended 31.3.2013 and a Balance Sheet as on that date after taking into consideration the following adjustments:

a)      The Partners are entitled to Interest on Capital @ 5% and they are charged interest on drawings: X – 300 and Y – 200.

b)      Transfer 10% of the net profit to Reserve Fund.

c)       Provide manager’s commission @5% on net profit before charging such commission.

d)      Bad Debt reserve is to be increased to 5% on debtors.

e)      Interest on investment accrued Rs.500.

[A.H.S.E.C. - 2015]. Preety and Jyoty are partners in a firm sharing profits in the ratio of 3:2. The Trial Balance of the firm as on 31-03-2014 was as follows:

Trial Balance

Particulars	Debit (Rs.)	Particulars	Credit (Rs.)
Debtors Furniture Machinery Salaries Insurance Premium on Machinery Bad Debts Cash in hand Rent Back charges Carriage Outward Depreciation on Furniture Drawings :     Preety     Jyoty	10,000 10,000 31,000 13,200 1,200 200 10,400 6,000 420 1,450 1,000   4,000 2,500	Trading A/c Bad debt recovered Sundry receipts Provision for bad debts Commission Creditors Rent Payable Bills Payable Capital A/c :     Preety     Jyoty	41,120 600 1,000 800 250 10,000 200 2,400   20,000 15,000
	91370		91,370

Prepare the Profit and Loss A/c and the Profit and Loss Appropriation A/c of the firm for the year ended on 31-03-14 and a Balance Sheet as on that date after considering the following adjustments:

(i)      Machinery is to be depreciated by 10%.

(ii)    Provision for bad debt is to be increased by Rs. 200/-.

(iii)   Preety was to receive, salary @ Rs. 300/- per month.

(iv)  Interest on Capital is allowed @ 5% p.a.

[A.H.S.E.C. - 2016].Following is the Trial Balance of SUDIP AND PRADIP as on 31^st March, 2015:   

Particulars	(Rs.)	Particulars	(Rs.)
Plant & Machinery Publicity Freight on sales Buildings Goodwill Sundry Debtors Bad debt Cash at Bank Investments Cash in hand Salaries Stock General Expenses Drawings:                  Sudip    = 5,000                  Pradip  = 3,000	35,000 5,000 2,140 69,000 15,000 48,200 1,400 5,620 10,000 170 28,850 10,000 5,500     8,000	Capital Accounts :              Sudip    =  50,000              Pradip  =  30,000 Trading Account --- Gross Profit Creditors Bank Loan Commission Outstanding Freight Provision for doubtful debt Bills Payable	80,000   85,700 44,560 21,000 4,420 200 1,000 7,000
TOTAL	2,43,880	TOTAL	2,43,880

Prepare the Profit & Loss Account and the Profit & Loss Appropriation Account of the firm for the year ended 31^st March, 2015 and a Balance Sheet as on that date after taking into consideration the following additional information:

a)      Depreciation Plant & Machinery @ 10% p.a.

b)      Prepaid Publicity Rs. 500/-

c)       Outstanding Salaries Rs. 1,150/-

d)      Provide for doubtful debt @ 5% on Sundry Debtors.

e)      Partners will get interest on capital @ 5% p.a.

[A.H.S.E.C. - 2017] Following is the Trial Balance of ANIMA and PRATIMA as on 31^st March, 2016:

Particulars	(Rs.)	Particulars	(Rs.)
Machinery General Expenses Furniture Salaries Cash in hand Investments Cash at Bank Bad debt Sundry Debtors Buildings Publicity	50,000 5,000 10,000 20,000 5,000 12,000 8,000 2,000 40,000 50,000 8,000	Capital:       ANIMA           =      60,000       PRATIMA       =      40,000   Trading Account -          Gross Profit   Sundry Creditors Commission	1,00,000     90,000   10,000 10,000
	2,10,000		2,10,000

Prepare the Profit & Loss Account and the Profit & Loss Appropriation Account of the firm for the year ended 31^st March, 2016 and a Balance Sheet as on that date after taking into consideration the following additional information:

a)      Depreciate Machinery @ 10% per annum.

b)      Partners will get interest on capital @ 10% per annum.

********************************************

ALSO READ (AHSEC ASSAM BOARD CLASS 12):

1. AHSEC CLASS 12 ACCOUNTANCY CHAPTERWISE NOTES

2. AHSEC CLASS 12 ACCOUNTANCY IMPORTANT QUESTION (THEORY)

3. AHSEC CLASS 12 ACCOUNTANCY IMPORTANT QUESTION BANK (PRACTICAL)

4. AHSEC CLASS 12 ACCOUNTANCY PAST EXAM PAPERS (FROM 2012 TILL DATE)

5. AHSEC CLASS 12 ACCOUNTANCY SOLVED QUESTION PAPERS (FROM 2012 TILL DATE)

6. AHSEC CLASS 12 ACCOUNTANCY CHAPTERWISE MCQS

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[A.H.S.E.C. - 2018]. Following is the Trial Balance of RAM and SHYAM as on 31^st March, 2017:                

Trial balance

Particulars (DR)	Rs.	Particulars (CR)	Rs.
Plant & Machinery Freight on Sales Publicity Land & Buildings Sundry Debtors Bad debts Cash at Bank Investments Cash in hand Salaries Rent Stock Drawings: RAM                          6,000 SHYAM                    10,000	10,000 3,000 2,000 50,000 10,000 2,000 15,000 8,000 1,000 12,000 8,000 25,000     16,000	Capital Accounts: RAM                               36,000 SHYAM                           40,000 Trading Account: Gross Profit Creditors Bank Loan Bills Payable	76,000   60,000 12,000 8,000 6,000
	1,62,000		1,62,000

Prepare a Profit & Loss Account and the Profit and Loss Appropriation Account of the firm for the year ended 31^st March, 2017 and a Balance Sheet as on that date, after taking into consideration the following additional information:               

a)      Outstanding Salaries Rs. 3,000/-

b)      Ram will get a Commission of Rs. 10,000/- for the year.

[A.H.S.E.C. – 2019] Following is the Trial Balance of Rana and Raju as on 31^st March, 2018:

Trial Balance

Particulars	(Rs.)	Particulars	(Rs.)
Machinery Furniture Rent Salaries Debtors Cash in Hand Cash at Bank Drawings: Rana       =         4,000 Raju        =         3,000 Closing Stock Commission	10,000 20,860 19,740 9,000 40,500 16,300 45,000     7,000 12,500 5,000	Capital: Rana              =    65,000 Raju               =    40,000 Creditors Commission Bank Loan Trading Account: Gross Profit	1,05,000 18,400 300 5,000   57,200
	1,85,900		1,85,900

Prepare the Profit and Loss A/c and Profit and Loss Appropriation A/c for the year ended 31^st March, 2018 and a Balance Sheet of the Firm as on that date after taking into consideration the following additional information:

1)            Depreciate Machinery @ 10% p.a. and Furniture @ 20% p.a.

2)            Partners will get interest on capital @ 5% p.a.

3)            Raju is entitled to a salary of Rs. 1,800 p.a.

4)            The Profit sharing ratio between Rana and Raju was 3 : 2.

[A.H.S.E.C. – 2020]. Nanu and Manu are partners of a firm. The Trial Balance of the firm as on 31^st March, 2019 was as under:

Trial Balance

Debit	Rs.	Credit	Rs.
Plant and Machinery Goodwill Sundry Debtors Closing Stock Salaries Depreciation on Plant and Machinery Stationery Insurance Cash in hand Investment Drawings: Nanu             4,000 Manu            2,000	50,000 5,000 31,000 20,000 7,000 5,000 1,000 2,000 1,000 10,000     6,000	Capital: Nanu          40,000 Manu         30,000 Sundry Creditors Commission Sundry Receipts Outstanding wages Interest on Investment Trading A/c: Gross Profit Bank Loan	70,000 10,000 3,000 200 600 200   50,000 4,000
	1,38,000		1,38,000

Prepare Profit and Loss A/c, Profit and Loss Appropriation A/c, and the Balance Sheet of the firm for the year ended 31^st March, 2019, after considering the following information:

1)         Write off of Rs. 1,000 as bad debt and provide 5% provision for doubtful debts on remaining debts.

2)         Commission received in advance Rs. 500.

3)         Transfer 10% of Net Profit to General Reserve.

4)         Allow Interest on Capital @ 5% p.a.

[A.H.S.E.C. – 2022].Pradeep and Pranab are partners in a firm. The Trial Balance of the firm as on 31^st March, 2020 was as under:

Trial Balance

Debit	(Rs.)	Credit	(Rs.)
Machinery Goodwill Patent Sundry Debtors Cash in hand Closing Stock Investment Depreciation on Machinery Rent Carriage Outward Taxes Telephone charges Commission Drawings: Pradeep                                5,000 Pranab                                  4,000 Salaries Bank Charges	54,000 10,000 20,000 21,000 1,000 25,000 10,000 6,000 10,000 1,000 500 3,600 800     9,000 8,000 100	Capital: Pradeep                               50,000 Pranab                                 40,000 Sundry Creditors Interest on Investment Sundry Receipts Bills payable Bank Overdraft Outstanding Wages Trading Account: Gross Profit Discount	90,000 5,000 400 200 2,000 10,000 500   71,000 900
	1,80,000		1,80,000

Prepare Profit and Loss A/c, Profit and Loss Appropriation A/c and the Balance Sheet of the firm for the year ended 31^st March, 2020, after considering the following information:

(1)       Write off Rs. 1,000 as Bad Debt and provide a 5% Provision on Sundry Debtors for Doubtful Debts.

(2)       Interest on Investment Accrued Rs. 600.

(3)       Interest on Partners’ Capital is allowed @ 5% p.a.

(4)       Create a General Reserve by taking Rs. 5,000 out of profit. 

SOME ADDITIONAL QUESTIONS FOR YOUR PRACTICE

1. Kajal and Karina are in partnership in a firm sharing profit in the ratio of 32:24. Their Trial Balance as on 31^st December 2010 was as follows:

Trial Balance

Debit	Amount	Credit                           Amount (Rs)	Amount
10% Investment Sundry Debtors Trade Mark (10 years ) Salaries Commission Bad debt Stock Joint life insurance premium Drawings:-                               Kajal Karina Machinery Live Stock	25,000 10,700 6,000 17,600 900 1,200 32,000 650   5,000 3000 30,000 6,000	Capital : Kajal Karina Reserve fund Gross profit Rent received Sundry creditors Outstanding rent Bank overdraft Interest on Investment Loan from Kajal (on 1.7.2010)	40,000 25,000 7,500 41,550 500 12,000 1,000 3,000 1,500 6,000
	1,38,050		1,38,050

Prepare Profit and Loss account and Profit and Loss Appropriation account for the year ended 31^st December 2010 and a Balance Sheet as on that date after taking into consideration the following adjustment:

(i)      Salaries outstanding Rs 400

(ii)    Cash embezzled by a dishonest employee Rs. 500

(iii)   Interest on capital to be allowed @ 5% p.a.

(iv)  Provide Rs. 500 to staff provident fund.

(v)    Transfer to Reserve Rs. 100.

(vi)  Interest on drawings : Kajal Rs. 120, Karina Rs. 80

Q. Sonali and Rupali are partners in a firm sharing profits and losses in the ratio of 3:1. The following is their trial balance as at 31^st December 2016.

Trial Balance

Debit	Amount	Credit	Amount
Machinery Machinery installation expenses Salaries Carriage outward Building Goodwill Furniture Debtors Bad debts Cash at bank Investment Cash in hand Establishment Stock as on 31-12-2016 Depreciation on machinery Environment protection expenses Publicity Drawings: Sonali Rupali	30000 5000 15850 2140 54000 15000 10000 48200 1400 1200 10000 1170 13000 10000 3500 5500 5000   5000 3000	Capital account: Sonali Rupali Trading account (Gross profit) Creditors 10% Bank loan Discount Commission Outstanding wages Provision for doubtful debts	50000 30000 85700 44560 21000 4500 1000 1200 1000
	238960		238960

Additional Information:

a.       Prepaid publicity Rs. 500.

b.      Bank loan account includes a bank loan taken Rs. 5000 on 1^st October, 2011.

c.       A Quarter amount of Commission received is to be carried forward.

d.      Provide for doubtful debts @ 5% on sundry debtors.

e.      Allow interest on capital @ 5% p.a.

From the above trial balance and additional information, prepare a profit and loss account, a profit and loss appropriation account for the year ended 31^st December 2016 and a balance sheet as on that date.

Q. Amal and Bimal are partners of a firm. The Trial Balance of the firm as on 31^st March, 2017 was as follows:

Trial Balance

Debit	Rs.	Credit	Rs.
Plant & Machinery (Cost) Goodwill Sundry Debtors Electric installation Stock on 31st March 2004 Salaries (7 months) Loss by fire Books and Stationary Insurance (upto 30-6-2017) Cash in Hand Investment Partner’s Salaries:          Amal         4,000          Bimal        2,000	50,000 5,000 20,000 11,000 20,000 7,000 5,000 1,000 2,000 1,000 10,000     6,000	Capital :        Amal         40,000        Bimal        30,000 Sundry Creditors Commission Sundry Receipts Outstanding Wages Interest on Investment Trading Account (Gross Profit) Bank Overdraft Depreciation fund on Plant and Machinery	70,000 10,000 3,000 200 600 200 40,000 4,000 10,000
	1,38,000		1,38,000

Additional Information:

a)      Write off Rs. 1000 as Bad Debt and provide a 5% Reserve on remaining Debtors for Doubtful Debts.

b)      Calendars costing Rs.1,000 printed for free distribution but no payment is made for it and no entry is made for it till the end of the year.

c)       Transfer 10% of Net profit to General Reserve.

d)      Allow interest on Capital @ 5% p.a.

e)      Charge 10% depreciation on plant and machinery on SLM Method.

f)       Insurance claim on loss by fire Rs. 4,000.

From the above Trial Balance and additional information, prepare a Profit and Loss Account and Profit and Loss Appropriation Account for the tear ended 31^st March, 2017 and a Balance Sheet as on that date.

 

Final Accounts of Partnership Firm – Comprehensive problem

Q. Comprehensive final account: Dhiraj and Rohit are partners in a firm. The trial balance of the firm as on 31^st march 2014 was as follows:

Trial Balance

Debit	Amount	Credit	Amount
Goodwill Debtors Trade marks Plant and machinery Building Furniture 10% Investment (1 – 10 – 2013) Cash in hand Cash at Bank Stock on 31 – 3 – 2006 Bills receivable Salaries Telephone charges Printing and stationery Advertisement Drawings: Dhiraj Rohit Bad Debts Interest on Bank loan Rent paid in advance Establishment Environment protection expenses Loss by fire	4000 20000 30000 25000 30000 5000 10000 1050 14650 17500 1500 5750 1600 150 250   2050 3000 250 3000 5000 5000 5000 1000	Capital: Dhiraj Rohit Creditors Bills payable Reserves Interest on investments Provision for doubtful debts 15% Bank loan (1 – 4 – 2013) Commission received in advance Trading account (Gross Profit) Outstanding Wages Workmen compensation reserve Sundry Receipts Sales tax payable	40000 20000 12500 2000 11000 300 1100 30000 1000 56850 5000 5000 5000 1000
	190750		190750

Prepare a Profit and loss Account, a Profit and loss appropriation Account for the year ended on 31^st march 2014 and also a balance sheet as on that date after taking in to account the following adjustments:

a.    Plant and machinery to be depreciated at 10% and furniture at 15%

b.   Outstanding expenses: Salaries Rs. 300, Interest on Bank overdraft Rs. 225.

c.    Machine worth Rs. 15000 purchased on 1^st October, 2010.

d.   Some Interest on investment due but not received within the accounting year.

e.   A further bad debt of Rs. 250 is to be written off and provision for doubtful debts is to be maintained at 4% on sundry debtors.

f.     Each of the partners are entitled to interest on capital @5% per annum and salary @ Rs. 2000 per annum.

a.    Interest on partner’s drawings is charged @ 5% p.a.

g.    Create a general reserve by taking Rs. 5000 of profits.

h.   Provide manager’s commission @ 5% on net profit after charging such commission.

i.      Insurance claim on loss by fire Rs. 600.

j.     1/5^th of advertising written off.