Final accounts

1. OMTEX CLASSSES
FINAL ACCOUNTS QUESTION WITH ANSWERS
1. Ravi and Magesh are in a Partnership firm. The trial Balance of the firm on 31st
March, 2014 was as follows. Prepare Trading and Profit & Loss account for the
year ended 31st March, 2014 and a Balance sheet as on that date.
2. Nivedha and Suganya are partners sharing profits and losses in the ratio of 2 : 1.
From the following Trial Balance prepare Trading and Profit and loss account for
the year ending 31st March, 2014.
3. From the following Trial Balance of M/s Bheem and Raju, you are required to
prepare Trading Profit and Loss Account for the year ended 31st March, 2014 and
the Balance sheet as on that date. Trial Balance as on 31.3.2014.
4. Prepare Trading and Profit & Loss account for the year ended 31st March, 2014 and
Balance sheet as on that date from the following Trial Balance of Kaveri and
Narmada.
5. Miss Meena and Miss Reena are in partnership sharing profits and losses in the
ratio of 3:2. From the following trial balance and adjustments, you are required to
prepare Trading Account, Profit and Loss Account for the year ended 31st March,
2013 and Balance Sheet as on that date.
6. From the following Trial Balance of M/s Kale and Gore your are required to
prepare Trading and Profit and Loss account for the year ended 31st March, 2014
and the Balance sheet as on that date after taking into account the necessary
adjustments. Trial Balance as on 31st March, 2014.
7. Agarkar and Dravid are in partnership sharing profit and losses in the ratio of 2: 1
from the following information of Trial balance and adjustments you are required
to prepare profit and loss account, trading account and Balance sheet as on 31st
march 2003.
8. From the following Trial Balance of Somnath and Ambadas being equal partners,
you are required to prepare Trading and Profit & Loss A/c for the year ended 31st
March, 2005 and Balance Sheet as on that date after taking into consideration the
additional information.

2. 9. Misha and Latha are partners sharing profits and losses in the ratio of 2 : 1. From
the following Trial Balance prepare Trading and Profit and loss account for the
year ending 31st December, 2004.
10.From the following information you are required to prepare the Trading account,
profit and loss account and Balance sheet as on 31st March, 2005.
11.From the following Trial Balance of M/s Sonia and Sufi, you are required to
prepare Trading Profit and Loss Account for the year ended 31st December, 2004
and the Balance sheet as on that date.
12.Surya and Abhijeet are in a Partnership firm. The trial Balance of the firm on 31st
March, 2014 was as follows. Prepare Trading and Profit & Loss account for the
year ended 31st March, 2014 and a Balance sheet as on that date. Trial Balance as
on 31st March, 2014.
13.Following is the Trial Balance of Jitesh and Pritesh. The partners share profits and
losses equally. [March 2012]
14.From the following Trial Balance of Kamlesh and Mahajan and given adjustments,
prepare a Trading Account, Profit and Loss account for the year ended 31st March,
2007 and a Balance Sheet as on that date. [September 2011)
15.From the following Trial balance of M/s Sanjay and Vijay, you are required to
prepare Trading and Profit and Loss account for the year ended on 31st March,
2010 and Balance Sheet as on that date after taking into consideration the
additional information given below. [March 2011]
16.Following is the Trial Balance of Kalavati and Lilavati as on 31st March, 2005
who share Profits and Loses to the ratio of 3:2. Interest on capital was allowed at
5% p.a.
17.Mr. Kale and Mr. Gore were partners sharing profits and losses equally. The Trial
Balance of their firm was as under: Prepare Trading and Profit and Loss Account
for the year ended on 31st March, 2004 and Balance Sheet as on that date:
18.Ashok and Tanaji are Partners sharing Profits and Losses in the ratio 2:3
respectively. (20)

3. 19.Ganga and Godawari are partners sharing profits and losses equally the Trial
Balance of their firm on 31st March, 2007 was as following. (20) [September,
2009]
20.From the following Trial Balance and Adjustments of Kumbhar and Maroti you are
required to prepare Trading and Profit and Loss Account for the year ended on 31st
March, 2005 and Balance Sheet as on that date. [March 2009]
21.Following is the Trial Balance of Premlal and Sundarlal as on 31 st March, 2006.
(20) Trial Balance as on 31 st March, 2006 [September 2008]
22.Swati, Swity and Sweta were partners sharing profits and losses equally. Following
is their Trial Balance for the year ended 31st March, 2006. (March 2008)
23.Sharma and Varma are in partnership sharing profit and losses in the ratio of 2: 1
from the following information of Trial balance and adjustments you are required
to prepare profit and loss account, trading account and Balance sheet as on 31st
March 2014.
24.From the following Trial Balance of Shyam and Sundar, You are required to
prepare a Trading and Profit and Loss account for the year ended 31st December,
2002 and Balance sheet as on that date after taking into consideration the
additional information. They share profits and losses in their capital ratio.
25. Kamesh and Mani are partners sharing profits and losses in equal ratio. From the
following Trial Balance you are required to prepare Trading and profit and Loss
Account for the year ended 31st December, 2005 and Balance sheet as on that date
after taking into consideration the additional information.
26.Prepare Trading and Profit & Loss account for the year ended 31st December,
1996 and Balance sheet as on that date from the following Trial Balance of Kaveri
and Narmada
27.Devi & Jaya were partners sharing profits and losses in ratio 3/5 & 2/5. Interest on
Capital was allowed @ 5% p.a. but interests on drawings were ignored. The
following balances of accounts were given on 30.9.1997.
28.Dalal & Raja are partners sharing profit and losses equally. From the following
Trial Balance of the firm, prepare Trading a/c Profit and Loss A/c and Balance
sheet for the year ending 31.12.1997.

4. 29.Pankaj and Bindas are partners sharing profits in the ratio of their capital. Their
Trial Balance as on 31.03.1997 is as under.
30.Asha and Nisha are the partners sharing profits and losses equally. You are
required to prepare the Trading and profit and loss account for the year ended 31st
December, 1997 and a Balance sheet as at that date after making the necessary
adjustments
31.Pradeep and Prashant are partners sharing profits and losses in equal ratio. From
the following Trial Balance you are required to prepare Trading and Profit & Loss
account for the year ended 31st March, 1998 and Balance Sheet as on that date
after taking into consideration the additional information.
32.Following is the Trial Balance of Vinod and Vikas sharing profits and losses
equally. Prepare a Trading and Profit & Loss account for the year ending 31st
March, 1996 and a Balance Sheet as on that date after considering the adjustment
given below.
33.Given below is the Trial Balance of M/s Radha and Krishna on 31st March, 2004.
Partners share profit & losses in the ratio of 3:2 respectively. From the following
trial balance and additional information, prepare a Trading & Profit & Loss
account for the year ended 31st March, 2004 and a Balance sheet as on that date.
34. From the following information you are required to prepare the Trading
account, profit and loss account and Balance sheet as on 31st March, 2014.
35. Following is the Trial Balance of Mano and Prakash as on 31st March, 2014
who share Profits and Loses to the ratio of 3:2. Interest on capital was allowed at
5% p.a. Prepare Trading A/c and Profit & Loss A/c for the year ending 31st March,
2014 and a balance sheet as on that date.
36. Mani and Sonu are the partners sharing profits and losses equally. You are
required to prepare the Trading and profit and loss account for the year ended 31st
March, 2014 and a Balance sheet as at that date after making the necessary
adjustments.
37. From the following Trial Balance of Meena and Reena being equal partners,
you are required to prepare Trading and Profit & Loss A/c for the year ended 31st
March, 2014 and Balance Sheet as on that date after taking into consideration the

5. additional information.
38. Karthik and Jones are partners sharing profits and losses in equal ratio. From
the following Trial Balance you are required to prepare Trading and Profit & Loss
account for the year ended 31st March, 2014 and Balance Sheet as on that date
after taking into consideration the additional information.
39. Following is the Trial Balance of Devi and Sridevi sharing profits and losses
equally. Prepare a Trading and Profit & Loss account for the year ending 31st
March, 2014 and a Balance Sheet as on that date after considering the adjustment
given below.