Class 12th Chapter 1. Introduction to Partnership Final Accounts

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Partnership Final Accounts Solution

Maharashtra State Board HSC Notes Online Solution for Free

Check Out the Sum Solutions. This are the HSC notes online with Calculation and explanatory notes.

1. Amitbhai and Narendrabhai are in Partnership sharing Profits and losses equally. from the following Trail balance and Adjustments given below, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as on that date.


2. From the following Trail balance of M/S Mitesh and Mangesh, you are required to prepare Trading an Profit and Loss Account for the year ended 31st march, 2019 and balance Sheet as on that date.


3. From the following Trial Balance of Sanjiv & Sons. Prepare Trading Account and Profit & Loss Account for the year ending on 31st March, 2019 and a Balance Sheet as on that date.


4. From the following Trail Balance of M/s Meera and Madhav. Prepare Trading and Profit & Loss Account for the year ended 31st March, 2019. 


5. Sucheta & Gayatri are Partners sharing Profit and Losses in the ratio 3:2. From the following Trial Balance and additional information you are required to prepare Trading and Profit and Loss Account for the year ended 31st March 2019 and Balance Sheet as on that date 


6. Archana and Prerana are partners, sharing Profits and losses in the ratio 2:1 with the help of following Trial Balance and Adjustments given below. You are required to prepare Trading and Profit and Loss Account for the year ended 31st March 2019 and Balance Sheet as on that date.


7. Satish and Pramond are Partners. Prepare Trading Account and Profit and Loss Account for the year 31st March, 2019. You have to find out Gross Profit and Net Profit only.  


8. Nana and Nani are Partners in Partnership Firm sharing Profits and Losses equally. You are required to give effects of Adjustments in Profit & Loss A/c and Balance Sheet with the help of following information. 


9. Sun and Moon are Partners in Partnership Firm sharing Profits and Losses equally. You are required to give effects of Adjustments with the help of following information.


10. Kshipra and Manisha are Partners sharing Profit and losses in their Capital Ratio. You are required to prepare Trading Account and Profit and loss Account for the year ended 31st March, 2019 and Balance Sheet as on that date.

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Sun and Moon are Partners in Partnership Firm sharing Profits and Losses equally. You are required to give effects of Adjustments with the help of following information

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Trial Balance as on 31st March, 2019   Debit Balance   Amount   Credit Balance   Amount   Land & Building   40,000  Capital A/c Sun  33,500   Moon  33,500  Furniture  18,000  Current A/c: Sun   6,000  Machinery  40,000  Sundry Creditors  25,000  (Purchased on 01/07/18)    Bank Overdraft   10,000  Goodwill  2,000  Reserve Fund  5,000  Wages  2,000  Provident Fund  5,000  Current A/c: Moon  4,000      8% Debentures  8,000      (Purchased on (01/10/18)        Providend Fund Investment  3,500      Stock of Postal stamps  500        1,18,000     1,18,000               Adjustments:   1. Partners are entitled to get salary 6,000 p.a. in additional to their profit & loss sharing.   2. Depreciation on Land & Building, Furniture & Machinery @10%, 5% and 3% respectively.    3. Interest on Capital 5% p.a.     4. Closing stock 60,743   5. Wages included 1,000 as advance given to workers.   6. Interest due but not paid 800.   7. Total Net Profit amounted to 38,113.           Solutio
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