Book keeping for std 12 commerce

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Book keeping for std 12 commerce

  1. 1. Illustration 1: Devan and Hemang are partners of a Partnership firm sharing a profitin the proportion of 3:2. From the under noted trial balance and adjustments as on31-03-2005, prepare the final accounts of the firm. Trial Balance of Deven and Hemang as on 31-03-2005 Name of Account L/F Debit Credit No. Rs. Rs. Capital and drawings: Devan 9000 40000 Hemang 8000 35000Debtors and creditors 45,000 35,000Stock (1-04-2004) 25,000 -Goods return 1000 1500Cash and Bank 1000 4000Bills 7000 8000Purchase and sales 70,000 1,30,000Discount 200 150Bad debts and bad debits reserve 200 650Machines 18,250 -Depreciation on machines 1750 -Furniture 6000 -
  2. 2. Name of Account L/F Debit Credit No. Rs. Rs.Sundry expenses 750 -Leasehold building ( from 1-10-2002 - -for 5 years) 7000 -Liability for unpaid wages - 10008 % Tanvee’s loan (from 1-11-2004) - 15000Goodwill 36,00 -Trading expenses 0 -Rent & taxes 1250 -Carriage inward 5000 -Bank interest 300 -Insurance Premium 100 -Salary 400 -Wages 12,00 -Prepaid insurance 0 - 15,00 2,70,300 0 2,70,300 100Adjustments :(2) The value of closing stock is Rs. 55,000, the market value is 10 % more.(3) Partners are allowed 6 % annual interest on the capital and the interest on drawings is charged in the same way : Devan Rs. 400, Hemang Rs 350.(4) Provide depreciation on machines @ 10 %, on furniture @ 5 %.(5) Provide 5 % bad debts reserve on debtors.(6) Outstanding Expenses : Salary Rs 400, Sundry expenses Rs 75, and Rent Rs 150.
  3. 3. Dr Partners’ Capital Account Cr Date Particulars Deven Hemang Deven Hemang Date Particulars Rs Rs Rs Rs31-03-05 To drawing a/c 9000 8000
  4. 4. Partners’ Capital Account Cr Dr Date Particulars Deven Hemang Deven Hemang Date Particulars Rs Rs Rs Rs31-03-05 To drawing a/c 9000 8000 1-4-04 By balance b/d 40,000 35,000
  5. 5. Balance Sheet As on 31-03-2005 of Partnership Firm Of Deven And Hemang Amount Amount Libilities Assets Rs. Rs.Creditors 35,000 Debtors 45,000
  6. 6. Trading Account Trading Amount for the year ended on 31-03-2005 of partnership firm ofDr Deven and Hemang Cr Amount Amount Particulars Rs. Particulars Rs.To Opening stock 25,000
  7. 7. Trading Account Trading Amount for the year ended on 31-03-2005 of partnership firm ofDr Deven and Hemang Cr Amount Amount Particulars Rs. Particulars Rs.To Opening stock 25,000 By SalesTo Purchase - Sales return 1000- Purchase return 1500
  8. 8. Balance Sheet Amount Amount Libilities Assets Rs. Rs.Creditors 35,000 Debtors 45,000Bank overdraft 4000 Cash balance 1000
  9. 9. Balance Sheet Amount Amount Libilities Assets Rs. Rs.Creditors 35,000 Debtors 45,000Bank overdraft 4000Bill payable 8000 Cash balance 1000 Bill receivable 7000
  10. 10. Trading Account Trading Amount for the year ended on 31-03-2005 of partnership firm ofDr Deven and Hemang Cr Amount Amount Particulars Rs. Particulars Rs.To Opening stock 25,000 By Sales 1,30,000 - Sales return 1000 1,29,000To Purchase 70,000- Purchase return 1500 68,500
  11. 11. Profit & Loss AccountDr Cr Amount Amount Particulars Particulars Rs. Rs.Sales & Distribution Exp:Discount (allowed) 200 Discount (received) 150
  12. 12. Profit & Loss AccountDr Cr Amount Amount Particulars Particulars Rs. Rs.Sales & Distribution Exp:Discount (allowed) 200 Discount (received) 150Other expenseB.D. (Trial balance) 200+B.D. (adjustment)+B.D.R (adjustment)- B.D.R (Trial balance) 650
  13. 13. Balance Sheet Amount Amount Libilities Assets Rs. Rs. Fixed Assets : Machine 18,750 + Depreciation 1750 20,000Creditors 35,000 Debtors 45,000Bill payable 8000 Bill receivable 7000
  14. 14. Balance Sheet Amount Amount Libilities Assets Rs. Rs. Fixed Assets : Machine 18,750 + Depreciation 1750 20,000 Furniture 6000Creditors 35,000 Debtors 45,000Bill payable 8000 Bill receivable 7000
  15. 15. Profit & Loss AccountDr Cr Amount Amount Particulars Particulars Rs. Rs. Administrative Exp : Sundry Exp. 750 Sales & Distribution Exp: Discount (allowed) 200 Discount (received) 150 Other expenseB.D. (Trial balance) 200+B.D. (adjustment)+B.D.R (adjustment)- B.D.R (Trial balance) 650
  16. 16. Balance Sheet Amount Amount Libilities Assets Rs. Rs. Fixed Assets : Machine 18,750 + Depreciation 1750 20,000 Furniture 6000 Lease hold building 700Creditors 35,000 Debtors 45,000Bill payable 8000 Bill receivable 7000
  17. 17. Balance Sheet Amount Amount Libilities Assets Rs. Rs. Fixed Assets : Machine 18,750 + Depreciation 1750 20,000 Furniture 6000 Lease hold building 700Creditors 35,000 Debtors 45,000Bill payable 8000o/s wages 1000 Bill receivable 7000
  18. 18. Balance Sheet Amount Amount Libilities Assets Rs. Rs. Fixed Assets : Machine 18,750 + Depreciation 1750 20,000 Furniture 6000Liabilities Lease hold building 7008 % Tanvee Loan 15,000Creditors 35,000 Debtors 45,000Bill payable 8000o/s wages 1000 Bill receivable 7000
  19. 19. Balance Sheet Amount Amount Libilities Assets Rs. Rs. Fixed Assets : Good will 36,000 Machine 18,750 + Depreciation 1750 20,000 Furniture 6000Liabilities Lease hold building 7008 % Tanvee Loan 15,000Creditors 35,000 Debtors 45,000Bill payable 8000o/s wages 1000 Bill receivable 7000
  20. 20. Profit & Loss AccountDr Cr Amount Amount Particulars Particulars Rs. Rs. Administrative Exp : Sundry Exp. 750 Sales & Distribution Exp: Discount (allowed) 200 Discount (received) 150 Trading Exp: 1250 Other expenseB.D. (Trial balance) 200+B.D. (adjustment)+B.D.R (adjustment)- B.D.R (Trial balance) 650
  21. 21. Profit & Loss AccountDr Cr Amount Amount Particulars Particulars Rs. Rs. Administrative Exp : Sundry Exp. 750 Rent & Taxes 5000 Sales & Distribution Exp: Discount (allowed) 200 Discount (received) 150 Trading Exp: 1250 Other expenseB.D. (Trial balance) 200+B.D. (adjustment)+B.D.R (adjustment)- B.D.R (Trial balance) 650
  22. 22. Dr Trading Account Cr Amount AmountParticulars Rs. Particulars Rs. By Sales 1,30,000 To Opening stock 25,000 - Sales return 1000 1,29,000To Purchase 70,000- Purchase return 1500 68,500Carriage inward 300
  23. 23. Profit & Loss AccountDr Cr Amount Amount Particulars Particulars Rs. Rs. Administrative Exp : Sundry Exp. 750 Rent & Taxes 5000 Sales & Distribution Exp: Discount (allowed) 200 Discount (received) 150 Trading Exp: 1250 Financial Exp : Bank interest 100 Other expenseB.D. (Trial balance) 200+B.D. (adjustment)+B.D.R (adjustment)- B.D.R (Trial balance) 650
  24. 24. Profit & Loss AccountDr Cr Amount Amount Particulars Particulars Rs. Rs. Administrative Exp : Sundry Exp. 750 Rent & Taxes 5000 Insurance Premium 400 Sales & Distribution Exp: Discount (allowed) 200 Discount (received) 150 Trading Exp: 1250 Financial Exp : Bank interest 100 Other expenseB.D. (Trial balance) 200+B.D. (adjustment)+B.D.R (adjustment)- B.D.R (Trial balance) 650
  25. 25. Profit & Loss AccountDr Cr Amount Amount Particulars Particulars Rs. Rs. Administrative Exp : Sundry Exp. 750 Rent & Taxes 5000 Insurance Premium 400 Salary 12,000 Sales & Distribution Exp: Discount (received) 150 Discount (allowed) 200 Trading Exp: 1250 Financial Exp : Bank interest 100 Other expenseB.D. (Trial balance) 200+B.D. (adjustment)+B.D.R (adjustment)- B.D.R (Trial balance) 650
  26. 26. Dr Trading Account Cr Amount AmountParticulars Rs. Particulars Rs. By Sales 1,30,000 To Opening stock 25,000 - Sales return 1000 1,29,000To Purchase 70,000- Purchase return 1500 68,500Carriage inward 300Wages 15,000
  27. 27. Balance Sheet Amount Amount Libilities Assets Rs. Rs. Fixed Assets : Good will 36,000 Machine 18,750 + Depreciation 1750 20,000 Furniture 6000Liabilities Lease hold building 7008 % Tanvee Loan 15,000Creditors 35,000 Debtors 45,000Bill payable 8000o/s wages 1000 Bill receivable 7000 Prepaid Insurance 100
  28. 28. Dr Partners’ Capital Account Cr Date Particulars Deven Hemang Deven Hemang Date Particulars Rs Rs Rs Rs31-03-05 To drawing a/c 9000 800031-03-05 To interest on 400 350 drawing a/c
  29. 29. Dr Partners’ Capital Account Cr Date Particulars Deven Hemang Deven Hemang Date Particulars Rs Rs Rs Rs31-03-05 To drawing a/c 9000 800031-03-05 To interest on 400 350 drawing a/c31-03-05 To Balance C/D 59,805 46,620
  30. 30. Dr Profit & Loss Appropriations Account Cr Amount AmountParticulars Rs. Particulars Rs.
  31. 31. Debtors 45,000Creditors 35,000Opening stock 25,000 - Sales return 1000 Bill receivable 7000 Bill payable 8000
  32. 32. Amount AmountParticulars Particulars Rs. Rs.
  33. 33. Amount AmountParticulars Particulars Rs. Rs.
  34. 34. Amount AmountParticulars Particulars Rs. Rs.
  35. 35. Adjustments :(2) The value of closing stock is Rs. 55,000, the market value is 10 % more.(3) Partners are allowed 6 % annual interest on the capital and the interest on drawings is charged in the same way : Devan Rs. 400, Hemang Rs 350.(4) Provide depreciation on machines @ 10 %, on furniture @ 5 %.(5) Provide 5 % bad debts reserve on debtors.(6) Outstanding Expenses : Salary Rs 400, Sundry expenses Rs 75, and Rent Rs 150.Adjustments :(2) The value of closing stock is Rs. 55,000, the market value is 10 % more.(3) Partners are allowed 6 % annual interest on the capital and the interest on drawings is charged in the same way : Devan Rs. 400, Hemang Rs 350.(4) Provide depreciation on machines @ 10 %, on furniture @ 5 %.(5) Provide 5 % bad debts reserve on debtors.(6) Outstanding Expenses : Salary Rs 400, Sundry expenses Rs 75, and Rent Rs 150.
  36. 36. Amount Amount Amount AmountParticulars Particulars Particulars Particulars Rs. Rs. Rs. Rs.Capital Amount Assets - Amount Amount Amount Rs. Particulars Rs. Particulars Rs.-Liabilities Rs. Debts
  37. 37. Name of Account L/F Debit Credit No. Rs. Rs. Capital and drawings: Devan 9000 40000 Hemang 8000 35000Debtors and creditors 45,000 35,000Stock (1-04-2004) 25,000 -Goods return 1000 1500Cash and Bank 1000 4000Bills 7000 8000Purchase and sales 70,000 1,30,000Discount 200 150Bad debts and bad debits reserve 200 650Machines 18,250 -Depreciation on machines 1750 -Furniture 6000 -
  38. 38. Partners’ Capital Account31-03-05 To drawing a/c 9000 8000 To interest on 400 35031-03-05 drawing a/c31-03-05 To Balance C/D 59,805 46,620 1-4-04 By balance b/d 40,000 35,000 31-3-05 By interest on capital 2400 2100 31-3-05 By profit and loss app a/c (share in divisible 26,805 17,870 profit)
  39. 39. Dr Partners’ Capital Account Cr Deven Hemang Deven Hemang Date Particulars Date Particulars Rs Rs Rs Rs31-03-05 To drawing a/c 9000 8000 1-4-04 By balance b/d 40,000 35,00031-03-05 To interest on 400 350 31-3-05 By interest on drawing a/c capital 2400 210031-03-05 To Balance C/D 59,805 46,620
  40. 40. Dr Partners’ Capital Account Cr Deven Hemang Deven Hemang Date Particulars Date Particulars Rs Rs Rs Rs31-03-05 To drawing a/c 9000 8000 1-4-04 By balance b/d 40,000 35,00031-03-05 To interest on 400 350 31-3-05 By interest on drawing a/c capital 2400 210031-03-05 To Balance C/D 59,805 46,620 31-3-05 By profit and loss app a/c (share in divisible profit) 26,805 17,870
  41. 41. Dr Partners’ Capital Account CrDate Particulars Deven Hemang Deven Hemang Date Particulars Rs Rs Rs Rs 1-4-04
  42. 42. Balance Sheet Amount Amount Libilities Assets Rs. Rs.Creditors 35,000 Debtors 45,000Bill payable 8000 Bill receivable 7000

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