B.K Practice Question

SATISH PRADHAN DNYANASADHANA COLLEGE, THANE
AQISC 2024-25
SUB : BOOK KEEPING & ACCOUNTANCY
PRACTICE PROBLEMS
Q.1 Aman and Shubham are partners in a firm sharing profits and losses in the ratio 3 : 2
respectively. Their Balance Sheet on 31st March, 2022 was as under :
Balance Sheet as on 31ST March 2022
Liabilities Amount Assets Amount
Sundry Creditors 5,000 Cash at Bank 6,000

Aman’s Capital 30,000 Sundry Debtors 12,000
Shubham’s Capital 20,000 Land and Building 25,000
General Reserve 10,000 Stock 8,000
Plant and Machinery 10,000
Furniture and Fixture 4,000
65,000 65,000
On 1st April 2022 they are to admit Pritam into partnership. The terms being that :
1) He shall pay 8,000 as his share of goodwill 50% amount of goodwill be withdrawn by the old
partners.
2) He shall have to bring in 10,000 as his capital for 1/4th share in future profit.
3) For the purpose of Pritam’s admission it was agreed to revalue the assets as follows.
a) Land and Building is to be valued at 30,000.
b) Plant and Machinery to be valued at 8,000.
c) Stock valued at 10,000 and Furniture and Fixtures at 2,000.
d) A provision of 5% on debtors would be made against doubtful debts.
Prepare : 1) Profit & Loss Adjustment A/c. 2) Partner’s Capital A/c.
3) Balancesheet of the New Firm.
Q.2 Antu, Bandu and Chandu were partners sharing profits and losses in proportion of 2 : 2 : 1
respectively. On 31st March, 2019 their Balance Sheet was as follows :
Balance Sheet as on 31st March , 2022

Liabilities Amount Amount Assets Amount Amount
Bills Payable 44,000 Cash at Bank 45,200

Sundry Creditors 45,000 Stock 49,800
Mrs. Antu’s Loan 49,000 Debtors 45,000
Capitals : Less : R.D.D. 1,000 44,000
Antu 75,000 Furniture 84,000
Bandu 70,000 Plant and Machinery 1,47,000
Chandu 45,000 1,90,000
Reserve Fund 42,000
3,70,000 3,70,000
The firm was dissolved and assets realized :

Debtors 36,500 ; Plant and Machinery 1,20,000 ; Stock was taken over by Chandu for 38,000
and he agreed to pay the Bills Payable at book value. Furniture was taken over by Antu for
75,000 and he agreed to pay the loan of his wife in full. In addition to outstanding liability for a bill
for 4,700 not included in account had to be paid. Realisation expenses were 4,000.
Prepare : a) Realisation A/c. b) Capital A/c. C) Bank A/c.
Q.3 Balance Sheet of Innova Co. Ltd for the year ending 31.3.2022 is given below.
Balance Sheet as on 31.3.2022
Liabilities Amount Assets Amount
Equity Share Capital 9,50,000 Fixed Assets 10,00,000

Preference Shares Capital 1,30,000 Investment 2,50,000
Reserves and Surplus 2,00,000 Current Assets 8,30,000
Secured Loans 3,50,000
Unsecured Loans 2,50,000
Current Liabilities 2,00,000
20,80,000 20,80,000
Prepare Common Size Statement for the year ending 31.3.2022

Q.4 Jay and Veeru are in partnership sharing profits and losses in the ratio 3 : 2. From the following
Trial Balance and adjustments given below, you are required to prepare Trading and Profit and
Loss accounts for the year ended on 31st March 2022 and Balance Sheet as on that date.
12 MKS
st
Trial Balance as on 31 March, 2022
Debit Balances Amount Credit Balances Amount
Drawings A/c. : Jay 10,000 Capital A/c. : Jay 3,00,000

Veeru 5,000 Veeru 2,00,000
Building 4,00,000 Sales 8,10,000
Plant and Machinery 1,20,000 Return Outward 15,000
Cash at Bank 12,000 Sundry Creditors 1,00,000
Purchases 6,50,000 Reserve for Doubtful Debts 1,000
Return Inward 10,000 Outstanding Salaries 8,200
Carriage 7,000 8% Bank Loan ( Taken on 1,00,000
Opening Stock 90,000 01/10/2021 )
Wages 35,000
Sundry Debtors 1,50,000
Salaries 28,000
Postage and Telegram 4,000
Insurance 5,000
Bad Debts 3,000
Rent 4,000
Discount 1,200
15,34,200 15,34,200
Adjustments :
1) Stock on 31st March, 2022 was valued at 1,10,000
2) Depreciate Building by 5% p.a. and Plant and Machinery at 10% p.a.
3) Prepaid Insurance is 1,500.
4) Create R.D.D at 5% on Sundry Debtors.
5) Partners are allowed interest at 5% p.a. on their capitals.
6) Salaries include 2,200 as advance to workers.

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SATISH PRADHAN DNYANASADHANA COLLEGE, THANE

SUB : BOOK KEEPING & ACCOUNTANCY

Sundry Creditors 5,000 Cash at Bank 6,000

Balance Sheet as on 31st March , 2022

Bills Payable 44,000 Cash at Bank 45,200

The firm was dissolved and assets realized :

Equity Share Capital 9,50,000 Fixed Assets 10,00,000

Prepare Common Size Statement for the year ending 31.3.2022

Drawings A/c. : Jay 10,000 Capital A/c. : Jay 3,00,000

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