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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

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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CLASS 11th BOOK KEEPING & ACCOUNTANCY

Class 11 Chapter 3 - Journal Entry Solution   Define journal entries and their importance in accounting.   An overview of the chapter and the types of questions covered.   Step-by-step solutions to sample journal entry questions.     Class 11 Chapter 4 - Ledger Accounts   Concept of ledger accounts and their importance in accounting.   An overview of the chapter and the types of questions covered.   Step-by-step solutions to sample ledger account questions.   Class 11 Chapter 5 - Subsidiary Book Solution   Define subsidiary books and their role in accounting.   An overview of the chapter and the types of questions covered.   Step-by-step solutions to sample subsidiary book questions.   Class 11 Chapter 6 - Bank Reconciliation Statement   Importance of bank reconciliation statements in accounting.   An overview of the chapter and the types of questions covered.   Step-by-step solutions to sample bank reconciliation statement questions.     Class 11 Chapter 7 - Depreciation   Define depr
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Class 11th Chapter 4 Ledger Solutions

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PRACTICAL PROBLEMS   Q.1 Give Journal entries of the following posting from the ledger account.     Q.2 Prepare necessary ledger account from the following Subsidiary Books.     Q.3 From the following Transactions prepare necessary Ledger accounts in the Books of Vinay and balance the same.     Q.4 Journalise the following transactions and prepare cash account only.     Q.5 Prepare Aparna's account in the books of Suparna.      6. Prepare Cash A/c, Bank A/c, Purchase A/c, sales A/c and Capital A/c, and balance the same in the books of Mandanlal.     7. Journalise the following transactions; post them into Ledger for February 2019.     8. Journalise the following transactions and prepare ledger accounts in the books of Sanjeev.       EXERCISE   Q.6 Complete the following table.     Image by- Edaccountancy   Q.7 Put ✔️ mark for the nature of balance for the following. Image by- Edaccountancy  
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Student Reviews

This is very helpful for getting a solution.

I like all your posts. You have done really good work. Thank you for the information you provide; it helped me a lot. I hope to have many more entries or so from you.

The answers are so perfect and proper 🌝

Nice explanation in full detail is very helpful.

It's very easy to learn.

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