Partnership Final Accounts Quiz

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Questions and Answers

Asha and Nisha are partners sharing profits and losses in equal ratio. From the following trial balance and adjustments, you are required to prepare the Final Accounts. What is the amount of the closing stock valued at cost price?

  • ₹94,500
  • ₹90,000
  • ₹80,000
  • ₹88,000 (correct)

What is the amount of the sundry debtors in Asha and Nisha's firm?

  • ₹80,000
  • ₹62,800 (correct)
  • ₹1,00,000
  • ₹94,500

How much did Asha withdraw from the business for personal use?

₹3,000

In the case of M/s Wardha Traders, what is the closing stock valued at?

<p>₹28,000</p> Signup and view all the answers

M/s Wardha Traders is a partnership firm in which, Ramesh and Suresh are partners sharing profits and losses in equal ratio.

<p>True (A)</p> Signup and view all the answers

What is the amount of the opening stock for the year ended on 31st March 2016 in the case of M/s Durgesh and Dinesh?

<p>9,000</p> Signup and view all the answers

What is the amount of the outstanding salary in M/s Geeta Saw Mill?

<p>350</p> Signup and view all the answers

What is the amount of the closing stock on hand on 31st March 2016 in the case of M/s Geeta Saw Mill?

<p>₹70,000</p> Signup and view all the answers

How much does the insurance company pay to cover customer debts that are not recoverable?

<p>4,000</p> Signup and view all the answers

How much bad debt was written off in the case of Ashok and Sangmesh?

<p>₹8,000</p> Signup and view all the answers

What is the amount of the closing stock on hand for the year ended on 31st March 2016 in the case of Ashok and Sangmesh?

<p>₹2,24,000</p> Signup and view all the answers

What is the amount of the Machinery on the trial balance of M/s Patil and Desai?

<p>₹1,40,000 (C)</p> Signup and view all the answers

What is the amount of the closing stock for the year ended on 31st March 2016 in the case of M/s Patil & Desai?

<p>₹61,000</p> Signup and view all the answers

What is the amount of the opening stock for the year ended March 31st, 2016 in the case of M/s Shailesh and Nilesh?

<p>₹88,000</p> Signup and view all the answers

What is the amount of the closing stock on hand for the year ended March 31st, 2016 in the case of M/s Shailesh and Nilesh?

<p>₹84,000</p> Signup and view all the answers

What is the amount of the opening stock for the year ended March 31st, 2013 in the case of M/s Vishal and Vaibhav?

<p>23,500</p> Signup and view all the answers

In the case of M/s Vishal and Vaibhav, what is the amount of the closing stock on hand?

<p>30,000</p> Signup and view all the answers

What is the amount of the opening stock for the year ended 31st March 2013, in the case of Jaya and Maya?

<p>32,800</p> Signup and view all the answers

In the case of Dhiraj and Suraj, what is the amount of the closing stock for the year ended 31st March 2013?

<p>30,000</p> Signup and view all the answers

What amount is spent on repairs to the building in Dhiraj and Suraj's firm?

<p>3,500</p> Signup and view all the answers

Flashcards

Cost of Goods Sold (COGS)

The difference between the total cost of goods purchased and the total cost of goods sold.

Closing Stock

The value of goods that a business has on hand at the end of an accounting period.

Purchases Account

An account used to record the total amount of goods that are purchased during an accounting period.

Purchase Return

An account used to record the total amount of goods that are returned to suppliers.

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Opening Stock

The value of goods that a business has on hand at the beginning of an accounting period.

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Carriage Inward

An expense related to bringing goods to the place of business.

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Carriage Outward

An expense related to delivering goods to customers.

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Discount Allowed

A reduction in the selling price of goods, offered to customers as an incentive to buy more.

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Discount Received

A reduction in the purchase price of goods, received from suppliers as an incentive to buy more.

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Salaries Expense

An expense related to wages paid to employees for their services.

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Wages Expense

An expense related to wages paid to workers for their services.

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Advertisement Expense

An expense related to advertising and promoting goods or services.

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Office Expenses

An expense related to the use of office supplies and equipment.

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Electricity Charges

An expense related to the use of electricity, gas, and other utilities.

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Repairs and Maintenance Expense

An expense related to the maintenance and repair of buildings.

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Postage and Telegram Expense

An expense related to the use of postage stamps and paying for telephone services.

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Printing and Stationery Expense

An expense related to the use of printing services and buying stationery.

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Reserve for Doubtful Debts (RDD)

A provision made for the uncollectible debts from customers.

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Discount Allowed

A deduction from the original amount of a debt, offered by the lender as an incentive to pay early.

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Sales Account

An account used to record the total amount of goods that are sold during an accounting period.

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Balance Sheet

A list of all the assets, liabilities, and owners' equity of a business at a specific point in time.

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Loss of Goods

An expense related to the cost of goods that are damaged or destroyed.

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Interest Expense

An expense related to the cost of paying interest on loans.

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Rent Expense

An expense related to the cost of paying rent for a building.

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Taxes Expense

An expense related to the cost of paying taxes.

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Sales Return

An account used to record the total amount of goods sold during an accounting period that are returned by customers.

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Discount Received

A deduction from the original amount of a debt, offered by the borrower as an incentive to pay early.

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Motor Van Expense

An expense related to the cost of using a motor vehicle.

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Profit & Loss (P&L) Account

A financial statement that shows a company's revenues, expenses, and net income or loss over a specific period.

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Balance Sheet

A financial statement that shows a company's assets, liabilities, and owners' equity at a specific point in time.

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Stock

The total amount of goods that a business has on hand.

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Trial Balance

A list of financial transactions that are recorded in a business's accounting system.

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Net Current Assets

The difference between the total amount of money that a company owes to its creditors and the total amount of money that its creditors owe to the company.

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Insurance Expense

An expense related to the cost of paying insurance premiums.

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Fixed Asset

An asset that is used in the operations of a business and has a useful life of more than one year.

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Current Liability

A liability that is due to be paid within one year.

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Current Asset

An asset that is expected to be converted into cash within one year.

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Dividend

The portion of a company's profits that is distributed to its shareholders.

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Study Notes

Q1: Asha and Nisha Partnership Final Accounts

  • Asha and Nisha are partners sharing profit and losses equally.
  • Trial Balance for 31st March 2019 is provided, showing debit and credit balances for various accounts (Purchases, Salaries, Wages, Advertisement, Sales, Motor Van, etc.).
  • Adjustments are provided, including: Closing Stock valuation (₹88,000 cost, ₹90,000 market), goods withdrawn by partners (₹3,000 for Asha, ₹2,000 for Nisha), Motor Van and Plant & Machinery depreciation, provision for doubtful debts (5% of debtors), and outstanding wages (₹800).
  • Final Accounts (Trading and Profit & Loss Account, Balance Sheet) are required to be prepared.

Q2: M/s Wardha Traders Partnership Accounts

  • M/s Wardha Traders is a partnership firm.
  • Ramesh and Suresh are partners sharing profits and losses equally.
  • Trial Balance for 31st March 2017 is given, with debit and credit balances for various accounts (Stock, Purchases, Sundry Creditors, Sales, Investment, etc.).
  • Adjustments provided include: Closing Stock (₹28,000), free sample goods (₹3,000), additional bad debts (₹800), furniture depreciation (5% p.a), and prepaid insurance (₹1,875).
  • Trading and Profit & Loss Account, and Balance Sheet for the year ended 31st March 2017, are needed.

Q3: M/s Durgesh and Dinesh Final Accounts

  • M/s Durgesh and Dinesh are partners.
  • Trial Balance for 31st March 2016 is provided, with debit and credit balances (Opening Stock, Capital A/c, Sales, Purchases, etc.).
  • Adjustments include: Closing Stock valuation (₹14,500), outstanding salary (₹350), wages paid in advance (₹600), depreciation on Land & Building (5% p.a), Plant & Machinery (10% p.a), and provision for bad debts (₹500).
  • Trading and Profit & Loss Account, and Balance Sheet for the year ended 31st March 2016 are required.

Q4: M/s Geeta Saw Mill Partnership Accounts

  • M/s Geeta Saw Mill is a partnership firm.
  • Aarti and Bharti are partners sharing profits and losses in a 3:2 ratio.
  • Trial Balance for 31st March 2016 is provided, detailing various accounts (Capital A/c, Current A/c, Purchase & Sales, Sundry Creditors, Opening stock, and others.).
  • Adjustments include: Closing stock (₹70,000), partner salary (Aarti ₹7,000), partner commission (Bharti 2% on sales), interest on capital (5% p.a), depreciation on furniture (15% p.a), building (10% p.a.), and irrecoverable dues (₹4,000).
  • Trading and Profit & Loss Account, and Balance Sheet for the year ended 31st March 2016 are needed.

Q5: Ashok and Sangmesh Partnership Accounts

  • Ashok and Sangmesh are partners sharing profits and losses in a 2:1 ratio.
  • Trial Balance for 31st March 2016 presents various accounts.
  • Adjustments for the year include: write-off of bad debts (₹8,000), goods distributed as free samples (₹16,000), outstanding salaries (₹8,000), depreciation calculation for land & building (5% p.a), plant & machinery (10% p.a.).
  • Trading and Profit & Loss Account, and Balance Sheet for the year ended 31st March 2016 are required.

Q6: M/s Patil and Desai Partnership Accounts

  • M/s Patil and Desai are partners.
  • Trial Balance for 31st March 2016 shows various accounts (Machinery, Furniture, Coal, Gas, Water, Land & Building, Capital A/c, etc).
  • Closing stock valuation ( ₹61,000) is included in the adjustments.
  • Trading and Profit & Loss Account, and Balance Sheet for the year ended 31st March 2016 are needed.

Q7: M/s Shailesh and Nilesh Partnership Accounts

  • Shailesh and Nilesh are partners.
  • Trial Balance for 31st March 2016 presents various accounts.
  • Adjustments include: closing stock valuation, machinery depreciation (10% p.a), providing reserves for bad and doubtful debts (5% of debtors), and interest on capital (8% p.a).
  • Trading and Profit & Loss Account, and Balance Sheet for the year ended 31st March 2016 are required.

Q8: M/s Vishal and Vaibhav Partnership Accounts

  • Vishal and Vaibhav are partners.
  • Trial Balance for 31st March 2013 shows various accounts.
  • Adjustments include: stock valuation (₹30,000), repairs to building (₹3,500), depreciation calculations, reserve for bad debts, and other factors.
  • Trading and Profit & Loss Account, and Balance Sheet for the year ended 31st March 2013 are needed.

Q9: Jaya and Maya Partnership Accounts

  • Jaya and Maya are partners.
  • Trial Balance for 31st March 2013 presents various accounts.
  • Adjustments include: closing stock valuation, depreciation calculations for numerous assets, provisions for bad debts, and other factors.
  • Trading and Profit & Loss Account, and Balance Sheet for the year ended 31st March 2013 are needed.

Q10: Dhiraj and Suraj Partnership Accounts

  • Dhiraj and Suraj are partners.
  • Trial Balance for 31st March 2013 details various accounts.
  • Adjustments include: closing stock valuation, repairs to building (₹3,500), and other factors.
  • Trading and Profit & Loss Account, and Balance Sheet for the year ended 31st March 2013 are needed.

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