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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?
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?
What is the amount of the sundry debtors in Asha and Nisha's firm?
What is the amount of the sundry debtors in Asha and Nisha's firm?
How much did Asha withdraw from the business for personal use?
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?
In the case of M/s Wardha Traders, what is the closing stock valued at?
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M/s Wardha Traders is a partnership firm in which, Ramesh and Suresh are partners sharing profits and losses in equal ratio.
M/s Wardha Traders is a partnership firm in which, Ramesh and Suresh are partners sharing profits and losses in equal ratio.
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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?
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?
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What is the amount of the outstanding salary in M/s Geeta Saw Mill?
What is the amount of the outstanding salary in M/s Geeta Saw Mill?
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What is the amount of the closing stock on hand on 31st March 2016 in the case of M/s Geeta Saw Mill?
What is the amount of the closing stock on hand on 31st March 2016 in the case of M/s Geeta Saw Mill?
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How much does the insurance company pay to cover customer debts that are not recoverable?
How much does the insurance company pay to cover customer debts that are not recoverable?
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How much bad debt was written off in the case of Ashok and Sangmesh?
How much bad debt was written off in the case of Ashok and Sangmesh?
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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?
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?
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What is the amount of the Machinery on the trial balance of M/s Patil and Desai?
What is the amount of the Machinery on the trial balance of M/s Patil and Desai?
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What is the amount of the closing stock for the year ended on 31st March 2016 in the case of M/s Patil & Desai?
What is the amount of the closing stock for the year ended on 31st March 2016 in the case of M/s Patil & Desai?
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What is the amount of the opening stock for the year ended March 31st, 2016 in the case of M/s Shailesh and Nilesh?
What is the amount of the opening stock for the year ended March 31st, 2016 in the case of M/s Shailesh and Nilesh?
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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?
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?
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What is the amount of the opening stock for the year ended March 31st, 2013 in the case of M/s Vishal and Vaibhav?
What is the amount of the opening stock for the year ended March 31st, 2013 in the case of M/s Vishal and Vaibhav?
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In the case of M/s Vishal and Vaibhav, what is the amount of the closing stock on hand?
In the case of M/s Vishal and Vaibhav, what is the amount of the closing stock on hand?
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What is the amount of the opening stock for the year ended 31st March 2013, in the case of Jaya and Maya?
What is the amount of the opening stock for the year ended 31st March 2013, in the case of Jaya and Maya?
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In the case of Dhiraj and Suraj, what is the amount of the closing stock for the year ended 31st March 2013?
In the case of Dhiraj and Suraj, what is the amount of the closing stock for the year ended 31st March 2013?
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What amount is spent on repairs to the building in Dhiraj and Suraj's firm?
What amount is spent on repairs to the building in Dhiraj and Suraj's firm?
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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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Description
Test your knowledge on preparing Final Accounts for partnership firms through the scenarios of Asha and Nisha, and M/s Wardha Traders. This quiz covers adjustments, trial balances, and preparation of Trading and Profit & Loss Accounts and Balance Sheets. Assess your understanding of partnership accounting principles and practices.
