Ex-2
From the following balances of Amal, Bimal as on 31.12.2016, prepare Trading Account, Profit and Loss Account for the year ended 31.12.2016 and the Balance Sheet as at 31.12.2016.
Opening stock
3,000
Machinery at cost (including INR 10,000 new)
60,000
Purchases
1,10,000
Sundry Debtors
20,000
Sales
2,50,000
Bad debts
Building
55,000
Depreciation fund
25,000
Wages
23,000
Sundry Creditors
24,000
Carriage inwards
Rent,rates and taxes
4,000
Bills payable
10,000
Trade expenses
Furniture
9,000
Capital : Amal
50,000
Salaries
42,000
Capital : Bimal
40,000
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Petty expenses
Coal and coke
2,000
Provision for bad debts
1,000
Cash at bank
14,000
Gas and water
1,200
Prepaid wages
Cash in hand
800
Depreciation fund investment
Outstanding rent
400
Bank loan
34,600
The following Additional Information is supplied:
a
The partners share profits and losses as Amal 2/5 and Bimal 3/5.
b
Closing stock -INR15,000.
c
Stock valued at INR 10,000 was destroyed by fire but the Insurance Company admitted a claim of INR 8,500 only, and the claim is not yet paid.
d
Wages include INR 2,000 for installation of a new machinery on 1.9.2016.
e
Depreciate machinery at 10% p.a.
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