Question

Q.1 Sameer and Ashok are partners in a partnership form sharing profits and losses in the ration r ation of 2:1. They maintain their books of accounts under single entry system. The following information is available from their records. Liabilities Rs. Assets Rs. apital accounts #uilding 2&*(&((( Sameer 2&'(&((( ,achinery 1&((&((( Ashok 1&)*&((( -urniture *&((( 12! "oan from Sameer *(&((( Stock in Trade 13&((( #ills $ayable 1+&((( Sundry ebtors 22&((( Sundry reditors 2)&((( ash in /and 1*&+(( #ank %verdraft 1'&((( 0oodwill )3&2(( $rofit and "oss Ac 1*&((( 5,24,000 5,24,000 -urther information %n 31st March, 2009 their 2009 their assets and liabilities were: #uildings 4s. 5(((((& ,achinery 4s. 13((((& -urniture 4s. *&(((& Stock in Trade 4s. 2)&(((& Sundry ebtors 4s. 25&(((& 12! "oan from Sameer 4s. *(&(((& #ills $ayable 4s. 1&(((& Sundry reditors 4s. 21&*((& #ank over draft 4s. 1*(((& $rofit and "oss Ac 6r. #alance7 4s. 1(&(((& ash in hand 4s. 2(&((( and $repaid insurance 4s. *)((. Additions were made to #uildings and ,achinery on 1st 8uly& 2((+ and 1st September 2((+ respectively. Prepare a Profit or Loss Statement for the ear en!e! 31st March, 2009 an! a closin" Statement of Affairs as on that !ate b consi!erin" the follo#in" a!$%stments. A!$%stments& i. #uildings and and ,achinery ,achinery are to be depreciated by *! p.a. and and 1(! p.a. respectively. ii. #ad debts are written off 4s. *((( and provision for #ad and and oubtful debts be made at *! on debtors. iii. 0oodwill is valued at at 4s. )(&((( and and furniture are valued at 4s. **&(((. iv. uring the year 2((+ 9 2((& Sameer and Ashok Ashok had withdrawn 4s. 2)&((( 2)&((( and 4s. 2*&((( respectively. v. uring the the year 2((+ 9 2((& 2((& Sameer and and Ashok had had introduced introduced 4s. 2(&((( 2(&((( and 4s. 5*&((( 5*&((( respectively as further capital. Q.2 #lack kept his books on single entry system. They disclose the following information. 51(5(' 51(5(+ ,otor car 5(&((( 5(&((( -urniture *(&((( +(&((( 12! #ank "oan 2(&((( 2(&((( Stock 2&((( 5&((( reditors 1*&((( 2(&((( ebtors 2(&((( 5(&((( 1+! ;nvestment  *(&(((

A!!itional 'nformation& 1. $rovide 1(! depreciation on ,otor ar and 2(! on -urniture p.a. Addition to -urniture was made on 112((+ 2. $rovided for interest on investment for 3 months and interest on loan for full year. 5. #lack brought additional capital 4s. 2(&(((. ;nterest on capital is provided < 1(! p.a. The new capital was introduced on 1'2(('. ). reate +! 4... on debtors. *. #lack $aid his daughter=s college fees 4s. 2&((( and paid ".;.. premium 4s. 2&*((. Prepare& 1. (penin" ) *losin" statement of Affairs. 2. Statement of Profit or Loss. &ALL +- -S+&