FINAL ACCOUNTS

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HSC ACCOUNTS

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FINAL ACCOUNTS:

FINAL ACCOUNTS PARTNERSHIP FINAL ACCOUNTS

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NAME OF PARTNERS GROSS PROFIT NET PROFIT PARTNERS CAPITAL ACCOUNT BALANCE TALLY Sonia Sufi 34200 -20700 155200-129650 487350 Misha Latha 28100 12154 68103-33951 133855 Surya Abhijeet 19150 13692 22715-15277 51692 Agarkar Dravid 53500 9200 32133-26067 153600 Sachin Ganguly -302500 -358050 *83525-49975 450775 Kale Gore 31200 5300 950-1750 152700 Kalavati and Lilavati 20000 9880 5578-3852 73727 Radha Krishna 237000 164240 78019-81796 422118 Vinod Vikas 106000 32100 72050-90050 242100 Somnath Ambadas 30000 3000 24700-19800 84600 Pradeep Prashant 31800 14600 70200-48150 128350 Asha Nisha 43200 18360 81180-103180 247160 Kale Gore 36000 -7750 159675-133125 396800 Pankaj Bindas 83500 78200 57325-95875 181200 Dalal Raja 44500 32572 14286-16786 83272 Devi Jaya 52200 30344 93506-34548 163854 Kaveri Narmada 31940 18740 16870-25370 63630 Kamesh Mani 25200 6765 60383-41382 117725 Shyam Sundar 50000 19000 45600-70400 164000 Swati Swity Sweta 64300 30765 70255-50255-30255 215965 Premlal Sunderlal 97200 43320 93660-126660 342420 Kumbhar Maroti 103000 70000 100800-68000 200800 Ganga Godavari 285500 81500 272750-280750 774000 Ashok Tanaji 61200 40350 47640-66210 177850 Sanjay Vijay 28400 -32000 29000-29000 238100 H.W.Kamlesh Mahajan 175400 129650 87825-83525 189250 Jitesh pridesh 144400 110400 252200-175200 537400 ANSWERS OF BELOW QUESTIONS

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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 31 st December, 2004 and the Balance sheet as on that date. Trial Balance as on 31.12.2004 Adjustments: Stock as on 31 st December, 2004 Rs. 1, 30,000 and its market value were Rs. 1, 40,000. Write off Rs. 1000 for bad & Provide for Bad and Doubtful debts at 5% on Sundry Debtors. Goods worth Rs. 1000 were distributed as free samples. Prepaid Insurance Rs. 750. Depreciate Plant and Machinery by 10% p.a. and Patent by 15% p.a. Outstanding Salaries Rs. 2,500 Uninsured goods worth Rs 1200 were lost by fire.

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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 31 st December, 2004. Adjustments: Closing stock was valued at Rs. 26,500. Provide 10% Depreciation on Plant and Machinery. Goods worth Rs. 1000 were distributed as free samples. Prepaid Insurance Rs. 300. Maintain Reserve for Doubtful debts at 10% of Sundry debtors. Outstanding rent for the current year Rs. 200. Goods worth Rs. 100 were taken over by Latha for her personal use, but no entry is made in the books.

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Surya and Abhijeet are in a Partnership firm. The trial Balance of the firm on 31 st December, 2004 was as follows. Adjustments : Partners share Profits and Losses in the ratio of their capitals. Write off Rs. 450 for Bad debts & Reserve for Bad and Doubtful Debts is to be maintained at 5% on the Debtors. Goods worth Rs. 1, 000 were destroyed by fire and the insurance company admitted a claim for Rs. 800. Stock as on 31st December, 2004 was valued at Rs. 8, 000. Goods worth Rs. 1000 were distributed as free samples. Wages outstanding Rs. 1000. Prepare Trading and Profit & Loss account for the year ended 31st December, 2004 and a Balance sheet as on that date.