Value Proposition canvas- Customer needs and pains
Book keeping for std 12 commerce
1. Illustration 1: Devan and Hemang are partners of a Partnership firm sharing a profit
in the proportion of 3:2. From the under noted trial balance and adjustments as on
31-03-2005, prepare the final accounts of the firm.
Trial Balance of Deven and Hemang as on 31-03-2005
Name of Account L/F Debit Credit
No. Rs. Rs.
Capital and drawings:
Devan 9000 40000
Hemang 8000 35000
Debtors and creditors 45,000 35,000
Stock (1-04-2004) 25,000 -
Goods return 1000 1500
Cash and Bank 1000 4000
Bills 7000 8000
Purchase and sales 70,000 1,30,000
Discount 200 150
Bad debts and bad debits reserve 200 650
Machines 18,250 -
Depreciation on machines 1750 -
Furniture 6000 -
2. Name of Account L/F Debit Credit
No. Rs. Rs.
Sundry expenses 750 -
Leasehold building ( from 1-10-2002 - -
for 5 years) 7000 -
Liability for unpaid wages - 1000
8 % Tanvee’s loan (from 1-11-2004) - 15000
Goodwill 36,00 -
Trading expenses 0 -
Rent & taxes 1250 -
Carriage inward 5000 -
Bank interest 300 -
Insurance Premium 100 -
Salary 400 -
Wages 12,00 -
Prepaid insurance 0 -
15,00
2,70,300
0 2,70,300
100
Adjustments :
(2) The value of closing stock is Rs. 55,000, the market value is 10 % more.
(3) Partners are allowed 6 % annual interest on the capital and the interest on
drawings is charged in the same way : Devan Rs. 400, Hemang Rs 350.
(4) Provide depreciation on machines @ 10 %, on furniture @ 5 %.
(5) Provide 5 % bad debts reserve on debtors.
(6) Outstanding Expenses : Salary Rs 400, Sundry expenses Rs 75, and Rent Rs
150.
3. Dr Partners’ Capital Account Cr
Date Particulars Deven Hemang Deven Hemang
Date Particulars
Rs Rs Rs Rs
31-03-05 To drawing a/c 9000 8000
4. Partners’ Capital Account Cr
Dr
Date Particulars Deven Hemang Deven Hemang
Date Particulars
Rs Rs Rs Rs
31-03-05 To drawing a/c 9000 8000 1-4-04 By balance b/d 40,000 35,000
5. Balance Sheet
As on 31-03-2005 of Partnership Firm Of Deven And Hemang
Amount Amount
Libilities Assets
Rs. Rs.
Creditors 35,000
Debtors 45,000
6. Trading Account
Trading Amount for the year ended on 31-03-2005 of partnership firm of
Dr Deven and Hemang Cr
Amount Amount
Particulars Rs. Particulars Rs.
To Opening stock 25,000
7. Trading Account
Trading Amount for the year ended on 31-03-2005 of partnership firm of
Dr Deven and Hemang Cr
Amount Amount
Particulars Rs. Particulars Rs.
To Opening stock 25,000 By Sales
To Purchase - Sales return 1000
- Purchase return 1500
9. Balance Sheet
Amount Amount
Libilities Assets
Rs. Rs.
Creditors 35,000
Debtors 45,000
Bank overdraft 4000
Bill payable 8000
Cash balance 1000
Bill receivable 7000
10. Trading Account
Trading Amount for the year ended on 31-03-2005 of partnership firm of
Dr Deven and Hemang Cr
Amount Amount
Particulars Rs. Particulars Rs.
To Opening stock 25,000 By Sales 1,30,000
- Sales return 1000 1,29,000
To Purchase 70,000
- Purchase return 1500 68,500
11. Profit & Loss Account
Dr Cr
Amount Amount
Particulars Particulars
Rs. Rs.
Sales & Distribution Exp:
Discount (allowed) 200 Discount (received) 150
12. Profit & Loss Account
Dr Cr
Amount Amount
Particulars Particulars
Rs. Rs.
Sales & Distribution Exp:
Discount (allowed) 200 Discount (received) 150
Other expense
B.D. (Trial balance) 200
+B.D. (adjustment)
+B.D.R (adjustment)
- B.D.R (Trial balance) 650
26. Dr Trading Account Cr
Amount Amount
Particulars Rs. Particulars Rs.
By Sales 1,30,000
To Opening stock 25,000
- Sales return 1000 1,29,000
To Purchase 70,000
- Purchase return 1500 68,500
Carriage inward 300
Wages 15,000
27. Balance Sheet
Amount Amount
Libilities Assets
Rs. Rs.
Fixed Assets :
Good will 36,000
Machine 18,750
+ Depreciation 1750
20,000
Furniture 6000
Liabilities
Lease hold building 700
8 % Tanvee Loan 15,000
Creditors 35,000
Debtors 45,000
Bill payable 8000
o/s wages 1000 Bill receivable 7000
Prepaid Insurance 100
28. Dr Partners’ Capital Account Cr
Date Particulars Deven Hemang Deven Hemang
Date Particulars
Rs Rs Rs Rs
31-03-05 To drawing a/c 9000 8000
31-03-05 To interest on 400 350
drawing a/c
29. Dr Partners’ Capital Account Cr
Date Particulars Deven Hemang Deven Hemang
Date Particulars
Rs Rs Rs Rs
31-03-05 To drawing a/c 9000 8000
31-03-05 To interest on 400 350
drawing a/c
31-03-05 To Balance C/D 59,805 46,620
30. Dr Profit & Loss Appropriations Account Cr
Amount Amount
Particulars Rs. Particulars Rs.
31. Debtors 45,000
Creditors 35,000
Opening stock 25,000
- Sales return 1000
Bill receivable 7000
Bill payable 8000
35. Adjustments :
(2) The value of closing stock is Rs. 55,000, the market value is 10 % more.
(3) Partners are allowed 6 % annual interest on the capital and the interest on
drawings is charged in the same way : Devan Rs. 400, Hemang Rs 350.
(4) Provide depreciation on machines @ 10 %, on furniture @ 5 %.
(5) Provide 5 % bad debts reserve on debtors.
(6) Outstanding Expenses : Salary Rs 400, Sundry expenses Rs 75, and Rent Rs
150.
Adjustments :
(2) The value of closing stock is Rs. 55,000, the market value is 10 % more.
(3) Partners are allowed 6 % annual interest on the capital and the interest on
drawings is charged in the same way : Devan Rs. 400, Hemang Rs 350.
(4) Provide depreciation on machines @ 10 %, on furniture @ 5 %.
(5) Provide 5 % bad debts reserve on debtors.
(6) Outstanding Expenses : Salary Rs 400, Sundry expenses Rs 75, and Rent Rs
150.
37. Name of Account L/F Debit Credit
No. Rs. Rs.
Capital and drawings:
Devan 9000 40000
Hemang
8000 35000
Debtors and creditors 45,000 35,000
Stock (1-04-2004) 25,000 -
Goods return 1000 1500
Cash and Bank 1000 4000
Bills 7000 8000
Purchase and sales 70,000 1,30,000
Discount 200 150
Bad debts and bad debits reserve 200 650
Machines 18,250 -
Depreciation on machines 1750 -
Furniture 6000 -
38. Partners’ Capital Account
31-03-05 To drawing a/c 9000 8000
To interest on 400 350
31-03-05
drawing a/c
31-03-05 To Balance C/D 59,805 46,620
1-4-04 By balance b/d 40,000 35,000
31-3-05 By interest on capital 2400 2100
31-3-05 By profit and loss app
a/c (share in divisible 26,805 17,870
profit)
39. Dr Partners’ Capital Account Cr
Deven Hemang Deven Hemang
Date Particulars Date Particulars
Rs Rs Rs Rs
31-03-05 To drawing a/c 9000 8000 1-4-04 By balance b/d 40,000 35,000
31-03-05 To interest on 400 350 31-3-05 By interest on
drawing a/c capital 2400 2100
31-03-05 To Balance C/D 59,805 46,620
40. Dr Partners’ Capital Account Cr
Deven Hemang Deven Hemang
Date Particulars Date Particulars
Rs Rs Rs Rs
31-03-05 To drawing a/c 9000 8000 1-4-04 By balance b/d 40,000 35,000
31-03-05 To interest on 400 350 31-3-05 By interest on
drawing a/c capital 2400 2100
31-03-05 To Balance C/D 59,805 46,620 31-3-05 By profit and loss
app a/c (share in
divisible profit) 26,805 17,870
41. Dr Partners’ Capital Account Cr
Date Particulars Deven Hemang Deven Hemang
Date Particulars
Rs Rs Rs Rs
1-4-04
42. Balance Sheet
Amount Amount
Libilities Assets
Rs. Rs.
Creditors 35,000
Debtors 45,000
Bill payable 8000
Bill receivable 7000