Mr. Prani and Mr. Proper are in partnership as proprietors of a boarding school, sharing profits Mr. Praini Rs 3/5 and Mr. Proper Rs 2/5. The Trial Balance extracted from their Books as on Mar 31, 2009 which coincident with the end of the last terms of the year was as follows:
|
Debits |
Rs |
Credits |
Rs |
|
Furniture and Finings at cost |
7,840 |
Capital Account |
|
|
Stock as on Apr 1. 2008 |
1,120 |
Mr. Pran |
21,000 |
|
Food |
Mr. Proper |
16,800 |
|
|
Fuel |
560 |
Reserve for Depreciation on |
|
|
Salaries, Wages and Medical Attention |
33,600 |
Furniture and Fittings |
5,040 |
|
Purchases: |
Fees and Extras |
1,23,760 |
|
|
Food |
37,520 |
||
|
Fuel |
5,040 |
||
|
Repairs |
3,260 |
||
|
Laundry |
10,080 |
||
|
Stationery |
2,520 |
||
|
Drawings: |
|||
|
Mr. Pran |
13,300 |
||
|
Mr. Proper |
8,400 |
||
|
Cast at Back |
43,260 |
||
|
1,66,600 |
1,66,600 |
Additional Information
- On Mar 31, 2009 stocks of food and fuel were Rs 1680 and Rs 420.
- On Mar 31, 2009, amounts owing for food and laundry Rs 1,260 and Rs 840.
- Fees, other than extras are payable in advance and accounts are sent out at the beginning of each farm each account includes extras for the previous terms. At Mar 31, 2009, all amounts due had been received with the exception of Rs 1,176 (not yet accounted, of which Rs 476 was bad). The extras for the last term, not yet filled Rs 4,200.
- No interest is to be credited on capital accounts.
- Mr Pran who owns the premises is to be credited with Rs 5,600 for the use of the premises.
- Repairs include Rs 560 for the purpose of a steel cupboard, which is to be capitalised under furniture and fittings.
- Depreciations on furniture and fittings are to be provided at the rate of 5% p.a. on the cost at the end of the year.
- Mr. Sweet, the senior Master is entitled to 5% of the profit after charging such commission.
Prepare the revenue account for the year ended Mar 31, 2009 and the Balance sheet on that date: