Accounts Solutions | Class 12th Book-Keeping and Accountancy | Maharashtra Board HSC |

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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.

Class 12th Chapter 1. Introduction to Partnership Final Accounts



Class 12th Chapter 2. Accounts of 'Not for Profit' Concerns





Class 12th Chapter 3. Reconstitution of Partnership (Admission of Partner)



Class 12th Chapter 7. Bills of Exchange



Class 12th Chapter 8. Company Accounts: Issue of Shares



"Other Chapters Coming Soon"

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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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