(29) Abhijit Pawan and Vikram are partners. The following balances were extractedfrom the books of a partnership firm as on 31` March 2020:Trial Balance as on 31` March 2020Particulars Debit Particulars CreditPurchases1 65 000 Capital Accounts:Debtors60.000 Abhijit24 000Stock (1* April 2019)20.000Vikram12.000Wages20 000Pawan30 000Salaries8.000 Current Accounts:Furniture8 000 Vikram2.000Building45 200 Pawan3 000Insurance3 500 Sales2.50 000Loan at 6% to VijayReserve for Doubtful Debts7 800(1 December 2006)4 000 Interest on Investment720Rent and Taxes2.000 Creditors25.000Investment10 000 Bills Payable14 000Cash in Hand8.820 Returns Outwards3.000Bills Receivable10 000Abhijit's Current Account2.0003 71 520 Class Test-13/123.71 520Adjustments:Marks(1) Closing stock 13 000.(2) Partners are allowed a salary at 3 000 p.a.(3) 1.200 paid during the year as building repairs wrongly debited to building account.(4) Depreciate Furniture at 12% p.a and Building at 10% pa.(5) 1 000 due from customer is not recoverable.(6) Create R.D.D. at 5% on debtors.Prepare Final Account for the year ending 31 March 2020.Ans.G.P. = 56.000: N.P. = 331.590: B/S Total = 1.48.590; Partners' Current A/c Balance:Abhijit = 11 530 Vikram= 15.530. Pawan = 16 530. (Modified October 1999)90hond holrnoutat0111

(29) Abhijit Pawan and Vikram are partners. The following balances wer

1.	(29) Abhijit Pawan and Vikram are partners. The following balances were extractedfrom the books of a partnership firm as on 31` March 2020:Trial Balance as on 31` March 2020Particulars Debit Particulars CreditPurchases1 65 000 Capital Accounts:Debtors60.000 Abhijit24 000Stock (1* April 2019)20.000Vikram12.000Wages20 000Pawan30 000Salaries8.000 Current Accounts:Furniture8 000 Vikram2.000Building45 200 Pawan3 000Insurance3 500 Sales2.50 000Loan at 6% to VijayReserve for Doubtful Debts7 800(1 December 2006)4 000 Interest on Investment720Rent and Taxes2.000 Creditors25.000Investment10 000 Bills Payable14 000Cash in Hand8.820 Returns Outwards3.000Bills Receivable10 000Abhijit's Current Account2.0003 71 520 Class Test-13/123.71 520Adjustments:Marks(1) Closing stock 13 000.(2) Partners are allowed a salary at 3 000 p.a.(3) 1.200 paid during the year as building repairs wrongly debited to building account.(4) Depreciate Furniture at 12% p.a and Building at 10% pa.(5) 1 000 due from customer is not recoverable.(6) Create R.D.D. at 5% on debtors.Prepare Final Account for the year ending 31 March 2020.Ans.G.P. = 56.000: N.P. = 331.590: B/S Total = 1.48.590; Partners' Current A/c Balance:Abhijit = 11 530 Vikram= 15.530. Pawan = 16 530. (Modified October 1999)90hond holrnoutat0111
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