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Unit –IV Limited Liability Partnership, 1. What is Limited Liability Partnership, Ans:- LLP is a body corporate, Legal entity separate from its partners and has a perpetual, existence . It has a perpetual succession and common seal., 2. Name any two features of LLP?, Ans:- Features of LLP are: It has a body corporate It has a separate Legal existence any, Individual or body corporate can be a members There shall be unlimited Liability in case of, fraud., 3. Name two objectives of formation of LLP?, Ans:-Two objectives of formation of LLP are :, To cater to the needs of Professional like Chartered Accountants, engineers, doctors and, Lawyers, To expand venture capital funds by way of forming of LLP, 4. . Name two advantages of LLP, Ans:- 1.Simple regulations., , 2.The Liability of members are limited., , 3. It is easy to form and wind up. 4.personal assets of partners are not exposed, 5. . Name two dis-advantages of LLP?, Ans:- Two dis-advantages of LLP are as follows :- 1. The LLP cannot raise the funds from the, Public 2. A Minor cannot be admitted as a partner of LLP, 6. . Name the rights of Partners of LLP?, Ans:-The rights of the Partners of LLP are :, 1. Right to manage the firm, 2. Right to supervise the Business., 7. Name two Liabilities of Partners of LLP, Ans:-Liabilities of partners of LLP are as follows:1.Liability of the partner is limited to their agreed contributions
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2. Every partner shall be personally liable for his wrongful acts or omissions, but shall not be liable for the wrongful act of or omission of their partners, 8 . Name any two contents of LLP agreement?, Ans:- contents of LLP agreement are as follows:, 1.Name of the LLP, 2. Name of Partners and Designated Partners, 3. Form of contributions, 4. Profit Sharing Ration, 9. . Who is Designated Partner?, Ans:- Designated partner means those partner who shall be individuals and at least one shall, be resident of India . Designated Partner should obtain DPIN ( Designated Partner, Identification Number) allotted by the Central Government to identify a particular. At Least, one partner should obtain the digital signature certificate from government recognized, Digital Signature Authority(DSA), 10. . Name two merits of conversion of a firm or company into LLP?, Ans:- The merits of conversion of Firm or company into LLP are as follows:1. The Partners Liability are limited to the extent of their contributions made in LLP, 2. It has a perpetual succession , death, lunatic, retirement etc. of partners does not, leads to a closure of a business, 11. How the LLP is wound up?, Ans:- The LLP is wound up either by (1) Voluntarily or ( 2) By the order of National, Company Law Tribunal) NCLT
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Form of Statement of Income and Expenditure, (Part B of Form 8 of Rule 24), Sl.No., I., , II., , Particulars, Income, (a) Turnover ( Sales), (b) Other Income ( to be Specified), (c) Increase in Stocks, Gross Income, Expenses, (a) Purchases, (b) Personnel Expenses, (c) Administrative Expenses, (d) Selling Expenses, (e) Depreciation, (f) Interest, (g) Other Expenses ( to be specified), Profit Before Tax, (h) Provision for taxes, , Rs., , Rs., , Xxxxx, +xxxxx, +xxxx xxxxx, Xxxxxx, Xxxxx, Xxxxx, Xxxxx, Xxxxx, Xxxxx, Xxxxx, +xxxx, , (i) Profit transferred to Partner’s Account, (j) Transferred to Reserve, , Xxxxx, Xxxxxx, -xxxxx, xxxxxx, -xxxxx, xxxxx, -xxxxx, Nil, , Notes and Explanations shown in Statement of Income and Expenditure, I (a) Income, Particulars, (a) Turnover ( Sales) or ( Service rendered), Less:- Excise Duty/Service Tax, Net Turnover, Note:Partnership has both the Incomes from sale and services, they, should be shown separately under this Head, , Rs., Xxxxx, Xxx, xxxxx
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(b) Other Income, Particulars, , Rs., Xxxxx, Xxxxxx, Xxxxxx, xxxxxx, xxxxxx, , Interest Income/ Dividend, Profit on sale of Investments, Sale of Scrap etc., Non-Operative Income, Total, Note:- Loss on sale of Investments is treated as other Expenses, , © Increse in Closing Stock, Particulars, Closing Stock of Raw Material, Closing Stock of Work-in-Progress, Closing Stock of Finished Goods, , Rs., Xxxxx, Xxxxx, +xxxxxx, Xxxxxxxx, , Total, Less:- Opening Stock of Raw Materials, Opening Stock of work-in-Progress, Opening Stock of Finished Goods, Total Closing Stock, Note:- If there is any Increase in Closing Stock of above items it, should be deducted from above Income., , Xxxxxx, Xxxxxx, -xxxxxxx, , -xxxxxx, xxxxxxx, , II. Expenditure, (a) Purchases, Particulars, Purchase of Raw materials, Purchase of finished Goods, Total, Less:- Returns (if any), Total, , Rs., Xxxxx, +Xxxxx, Xxxxx, -xxxxxx, xxxxxxx
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(f) Interest, Particulars, , Total, , Rs., Xxxxx, +xxxxx, xxxxxx, , Total, , Rs., Xxxxx, +xxxxx, xxxxxx, , Total, , Rs., Xxxxx, +xxxxx, xxxxxx, , Interest on Loans, Interest on Fixed Assets, , (g) Other Expenses, Particulars, Loss on Sale of Investments, Others ( Specify), , (h) Provisions for taxes, Particulars, Provision for Income Tax, Others ( Specify), , Five Marks Problem on Income and Expenditure Account, From the following Information furnished by the LLP Prepare Statement of, Income and Expenditure for the year ending 31-03-2016, Particulars, Sales, Excise Duty, Other Income, Purchases, Purchase Returns, Personal Expenses, Administrative Expenses, Selling Expenses, Provision for Income Tax, , Rs., 25,00,000, 20,000, 2,00,000, 12,00,000, 50,000, 1,50,000, 50,000, 1,30,000, 30%
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Solution:Particulars, , Rs., , Rs., 25,00,000, -20,000, , Rs., , I Income, (a) Turnover (Sales), 24,80,000, Less:- Excise Duty, 2,00,000, (b) Other Income, 26,80,000, Gross Income, II Expenses, (a) Purchases, 12,00,000, Less:- Purchases Returns, -50,000 11,50,000, (b) Personal Expenses, 1,50,000, (c) Administrative Expenses, 50,000, (d) Selling Expenses, 1,30,000 14,80,000, Profit before, 12,00,000, Tax, Less:- Provision for Income Tax, -3,60,000, (12,00,000x30/100), 8,40,000, Profit after Tax, ( Transferred to Partners), Problem No:- 2. Amogh and Akshay are Partners in LLP. The following, information is available in respect of LLP., Particualrs, Sales, Purchases, Salaries and Wages, Rent and Rates, Insurance paid, Opening Stock of finished Goods etc., Closing Stock of Finished Goods etc., Depreciation on Fixed Assets, Bad Debts, Prepaid Insurance, Interest on Capital ( Both Partners), LLP is taxable @ 30% on Profits of the firm., , Rs., 50,00,000, 20,00,000, 2,00,000, 1,50,000, 50,000, 3,50,000, 5,00,000, 2,50,000, 30,000, 20,000, 80,000, 30%
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You are required to prepare the Statement of Income and Expenditure for the, year ending 31-03-2016 assuming that the partners share profit in the ratio of, 3:2., Particulars, I Income, (a) Turnover (Sales), (b) Increase in Closing Stock, Closing Stock of Finished Goods, Less:- Opening Stock of Finished, Goods, Gross Income, II Expenses, (a) Purchases, (b) Personal Expenses, (c) Administrative Expenses, (d) Selling Expenses:- Bad Debts, (e) Depreciation on Fixed Assets, (f) Interest on Capital (Both, Partners, (g) Other Expenses:- Insurance Paid, Less- Prepaid Insurance, Profit before Tax, Less:- Provision for Tax, (24,10,000x30/100), Profit after Tax, Profit Transferred to Partners: (3:2), Amogh:- 16,87,000x3/5 =, Rs.10,12,200, Akshaya:16,87,000x2/5 =, Rs.6,74,800, , Rs., , Rs., , Rs., 50,00,000, , 5,00,000, 3,50,000, , -1,50,000, , 51,50,000, 20,00,000, 2,00,000, 1,50,000, 30,000, 2,50,000, 80,000, 50,000, -20,000, , 30,000, , 27,40,000, 24,10,000, -7,23,000, 16,87,000, , 10,12,200, 6,74,800, , 16,87,000, Nil
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Note :- (1) To show previous year figures one or more column should be, provided on the right hand side of the statement, (2) Contingent Liabilities not provided for , should be stated., (3) The disclosure required u/s 22 of the MSME (Micro,Small and Medium, Entreprises Development Act 2006 may be added as attachment to the, above form, (4) Any other disclosure which the LLP thinks proper., Notes and Explanations for Statement of Assets and Liabilities, (A) Contributions and Liabilities, 1. Partners Funds., (a) Contribution ( Assuming that there are two Partners Namely Mr.X and, Mr.Y), Particualrs, Mr. X :- Opening Balance, Add:- (1) Share of Profit, (2) Interest on Capital, , Rs., , Less:- (1) Drawings, (2) Interest on Drawings, Closing Balance of Mr.X, Mr. Y :- Opening Balance, Add:- (1) Share of Profit, (2) Interest on Capital, , Xxxxx, Xxxxx, , Less:- (1) Drawings, (2) Interest on Drawings, Closing Balance of Mr.Y, , Xxxxx, Xxxxx, , Rs., Xxxxx, +xxxxx, +xxxxx, Xxxxx, , Rs., , -xxxxxx, Xxxxxx, Xxxxx, +xxxxx, +xxxxx, xxxxx, -xxxxx, , Total Contributions, Note:- (1) If there is a loss to partners it should be deducted, , xxxxxx, xxxxxxxx
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(2) The total contribution is taken to Outer column of the Statement, , (b) Reserves and Surplus, Particulars, Rs., Rs., General Reserve ( Opening Balance), Xxxxxxx, Add:- Additions Made during the Year, Xxxxxxx, Total, Xxxxxx, Less: Deductions made during the year, Xxxxx, -xxxxxx, Surplus:( Opening, Xxxxxx, Balance)(Profit), +xxxxx, +xxxxxx, Add:- Profit made during the year, xxxxxxx, Total, Note:- (1) The Total Reserves and Surplus should be taken to Outer Column of, the Statement., (2) If there is a loss during the year it should be deducted, (2) Liabilities :- (a) Secured Loans:Particulars, (a) Secured Loans :- (1) From Banks, (2) From Others, Total, Note:= The nature of Securities provided, Against loans should be stated, (b) Unsecured Loan, , Rs., Xxxxxx, +xxxxx, xxxxxx, , Particulars, (a) Unsecured Loans :- (1) From Banks, (2) From Others, Total, Note:= The Loan providing without, securities, , Rs., Xxxxxx, +xxxxx, xxxxxx
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© Short-term Loan, Particulars, (a) Unsecured Loans :- (1) From Banks, (2) From Others, Total, , Rs., Xxxxxx, +xxxxx, xxxxxx, , Note:- Short-term Loans are those which are due for payment for not more, than12 months from the date of Statements, (d) Creditors, Particulars, (a) Creditors :- (1) Trade Payables, (2) Advance from Customers, Total, , Rs., Xxxxxx, +xxxxx, xxxxxx, , Note:- (1) Trade Payable includes the amount payable to suppliers of, Goods/Services, (2) Advance from Customers includes the amount received from them against, the order for supply of goods/ rendering Service to them., (e) Other Liabilities, Particulars, Interest Outstanding On Borrowings, Interest accrued but due on Borrowings, Unpaid Expenses, Others (If any), Total, , Rs., Xxxxxx, Xxxxxx, Xxxxxx, Xxxxxx, xxxxx, , (f) Provisions, Particulars, , Rs.
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For Taxation, For Contingencies, For Payables, For Others, , Xxxxxx, Xxxxxxx, Xxxxxxxx, Xxxxxxx, xxxxxxx, , Total, , Note:- (1) Provisions included amount provided for Income Tax,, Provisions for employees benefits such as salary wages,bonus, allowances,, Gratuity pension etc, (B) Assets, (a) Fixed Assets, Particualrs, Goodwill, Land and Buildings, Less:- Depreciation, Plant and Machinery, Less:- Depreciation, Furniture and Fixtures, Less:- Depreciation, Computer and Software, Patent,Trade Mark and Design, Mining Rights, Licenses and Franchises, Vehicles, , Rs., Xxxxxx, -xxxxx, Xxxxxx, -xxxxxx, Xxxxxx, -xxxxxx, , Total, , Rs., Xxxxxx, xxxxxx, xxxxxx, xxxxxx, Xxxxxx, Xxxxxx, Xxxxxx, Xxxxxxx, Xxxxxxx, xxxxxx, , Note:- If any Assets Purchased it should be added and if any Asset sold during, the year it should be Deducted from the concerned Asset. If date of purchase, and sale is given it id duly Calculated and adjusted to the concerned Asset., (b) Investment, Particulars, Investment in Government or Trust Securities, Other Investment, Total, , Rs., Xxxxxx, Xxxxxx, xxxxxxx
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Note:- (1) Total amount quoted and unquoted investment should be shown and, market value of quoted investment should also be shown., , © Loans and Advances, Particulars, , Rs., Secured Loans, Xxxxxx, Unsecured Loans, Xxxxxx, Bills of Exchange, xxxxxx, Advances Receivable, +xxxxx, Total, xxxxxxx, Note:- (1) Loans Outstanding for more than 6 months and others should be, shown separately., (2) Loans and Advances should be classified into good,doubtful and bad., (3) The provision for Bad and doubtful debts should be deducted from loans, and advances., (d) Inventories, Particulars, Closing Stock of Raw Materials, Closing Stock of Work-in-Progress, Closing Stock of Finished Goods, Spares,Stores,Loose tools, Others (Specify), Total, Note:- Modes of valuation of the above items should be stated ., , Rs., Xxxxxx, Xxxxxx, xxxxxx, +xxxxx, xxxxxxx, , (d) Debtors, Particulars, , Rs., Trade Receivables, Xxxxxx, Advance to Supplies, Xxxxxx, Total, xxxxxxx, Note:- (1) The Provision for doubtful debts, if any, should be deducted, (2) Advance to suppliers is the amount paid to them against order
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for supply of goods and/or Services., , (f)Cash and Cash Equivalents, Particulars, Cash in Hand, Balance with Banks, Cheques,drafts on Hand, Others (Specify), Total, , Rs., Xxxxxx, Xxxxxx, xxxxxx, +xxxxx, xxxxxxx, , (g)Other Assets (Specify), Particulars, Other Assets (Specify), , Rs., Xxxxxxx, , Total, xxxxxx, Note:- The Assets which are not covered under any heads mentioned above ( a, to f ) can be shown under “Other Assets”, Five Marks Problem and solution, 1. From the following information Calculate Closing Balance of Contribution, of Anusha and Arpita, Particulars, Rs., Opening Balance of Contribution:- Anusha, 4,00,000, Arpita, 3,00,000, Drawings :- Anusha, 20,000, Arpita, 30,000, Interest on Capital, 5%, Total Profit after tax, 1,40,000, Profit Sharing Ratio, Equal, Calculation of Closing Balance of Contribution of Anusha, Particulars, Rs., , Rs.
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Anusha :- Closing Balance, Add:- Interest on Capital, (4,00,000x5/100) = Rs.20,000, Add:- Share in Profit, (1,40,000x1/2), Less:- Drawings, Closing Contribution of Anusha, Arpita :- Closing Balance, Add:- Interest on Capital, (3,00,000x5/100) = Rs.20,000, Add:- Share in Profit, (1,40,000x1/2), Less:- Drawings, Closing Contribution of Arpita, Total Contribution, , 4,00,000, + 20,000, +70,000, 4,90,000, -20,000, , 4,70,000, , 3,00,000, +15,000, + 70,000, 3,85,000, -30,000, 3,55,000, 8,25,000, , Problems No. 2. From the following information provided by LLP prepare, Statement of Assets and Liabilities for the year ending 31-03-2016., Particualrs, Rs., Closing Contribution Balance, 17,00,000, Reserves and Surplus, 3,00,000, Secured Loans, 5,00,000, Unsecured Loans, 8,00,000, Sundry Creditors, 3,00,000, Fixed Assets After Depreciation, 15,00,000, Investments, 3,00,000, Inventories ( Closing Stock), 8,00,000, Cash and Cash Equivalents ( With Banks), 4,00,000
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Solution Part-B form 8 Rule -24, Statement of Assets and Liabilities as on 31-03-2016., Particulars, (A) Contribution and Liabilities, (1) Partners funds, (a) Contributiions, (b) Reserves and Surplus, (2) Liabilities, (a) Secured Loans, (b) Unsecured Loans, (c) Sundry Creditors, Total, (B) Assets, (a) Fixed Assets, (b) Investments, (c) Inventories ( Closing Stock), (d) Cash and Cash Equivalents ( Cash with Banks), Total, , Rs., , 17,00,000, 3,00,000, 5,00,000, 2.00,000, 3,00,000, 30,00,000, 15,00,000, 3,00,000, 8,00,000, 4,00,000, 30,00,000, , 15 Marks Problems and Solutions appeared in Section =C or Case Study, Section-D, From the following Trial Balance of X and Company, A Limited Liability, Partnership and other information given below Prepare the Statement of, Income and expenditure for the year ending 31-03-2016 and Statement of, Assets and liabilities as on 31-03-2016., Particualrs, Dr.Rs., Cr.Rs., Partners Contribution, 10,00,000, General Reserve, 1.20,000, Mortgage Loan from Bank on Buildings, 80,000
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Unsecured Loan ( From Others), 60,000, Trade Payable, 84,000, Turnover ( Sales), 24,60,000, Excise Duty on Turnover(Sales), 60,000, Interest from Bank and on investments, 30,000, Opening Stock( on 01-04-2015), 2,00,000, Purchases, 13,10,000, Purchase Returns, 30,000, Salaries and Wages, 3,64,000, Rent and Rates, 1,48,000, Printing and Stationery, 6,000, Postage and Telephone Charges, 12,000, Light Charges, 24,000, Advertisement, 20,000, Carriage on Sales, 8,000, Interest on Loans, 58,000, Buildings, 6,00,000, Furniture and Fittings, 2,40,000, Investments in Government Securities, 1,40,000, Trade Receivables, 1,60,000, Cash in Hand, 94,000, Cash at Bank, 4,20,000, Total, 38,64,000, 38,64,000, Other Information:(a) Closing Stock on 31-03-2016 was valued at Rs.2,50,000, (b) Unpaid Salaries and Wages were Rs.4,000 and Outstanding Interest, amounted to Rs.12,000., (c) Depreciate Buildings by 5% and Furniture and Fittings by 10%, (d) Make provision for bad and doubtful debts @ Rs.10,000, (e) Make provision for Income Tax Rs.80,000., Solution:Particulars, I Income, (a) Turnover ( Sales), Less:- Excise Duty, , Rs., , Rs., 2460,000, -60,000, , Rs., , 24,00,000
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(b) Other Income, Interest from Bank and, Investment, © Increase in Closing Stock, Closing Stock of Finished, Goods, Less:- Opening Stock of Finished, Goods, Gross Income, II Expenses:- (a) Purchases, Less:- Purchases Return, (b) Personal Expenses, Salary and Wages, Add Unpaid Amount, (c ) Administrative Expenses, Rent and Rates, Printing and Stationery, Postage and Telephone charges, Light Charges, (d) Selling Expenses:Advertisement, Carriage on Sales, (e) Depreciation on, Building at 5% on, Rs.60,000, Furniture and Fixtures @, 10% on R.2,40,000x10/100, (f) Interest on Loans, Add:- Outstanding, (g) Other Expenses, Provision for Bad and Doubtful, debts, Profit Before Tax, (h) Provision for Income, Tax, Profit After Tax, , 30,000, , 2,50,000, -2,00,000, , 50,000, 24,80,000, , 13,10,000, -30,000, 12,80,000, , 3,68,000, , 3,64,000, 4,000, , 1,48,000, 6,000, 12,000, 24,000, 20,000, 8,000, , 30,000, 24,000, 58,000, +12,000, , 54,000, , 70,000, 10,000, 20,00,000, 4,80,000, -80,000, 4,00,000, , -4,00,000
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(i) Profit taken to, Statement of Assets, and Liabilities, , Nil, , Part –B Form-8 Rule 24., Statement of Assets and Liabilities of X & Co. Ltd as at 31-03-2016, Particulars, Rs., Rs.., (A) Contribution and Liabilities, (1) Partners Funds, (a) As per Last Balance Sheet, 10,00,000, (b) General Reserve:- As per Last, Balance Sheet, 1,20,000, Surplus (Profit) Profit for the, 4,00,000, year, (2) Liabilities: (a) Secured Loans, 80,000, From Bank (Mortgage on Building), 60,000, (b) Unsecured Loans : From Others, 84,000, (c ) Trade Payables, (d) Other Liabilities, 12,000, Outstanding Interest, 4,000, 16,000, Unpaid Salaries and wages, ----------(e) Other Liabilities, 80,000, (f) Provision for Income Tax, 18,40,000, Total, 6,00,000, (B) Assets:- (a) Fixed Assets :-Buildings, -30,000, 5,70,000, Less:- Depreciation (5%), 2,40,000, Furniture and Fixtures, -24,000, 2,16,000
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Less:- Depreciation (10%), (b) Investments in Government, Securities, © Loans and Advances, (d) Inventories (Closing Stock, (e) Trade Receivables, Less:- Provision for Doubtful Debts, (f) Cash and Cash Equivalents, Cash in Hand, Cash at Bank, (f)Other Assets (if any), Total, , 1,40,000, ………., 2,50,000, 1,60,000, -10,000, 94,000, 4,20,000, , 1,50,000, , 5,14,000, ………., 18,40,000, , Problem No. 2 on 15 Marks, Sunil and Sharad are the partners in a LLP. They share profit and losses, equally. The following was their Trial Balance as on 31-03-2016., Sl. No., Name of the Account, Debit Rs., Credit Rs., 1., Purchases and Sales, 1,50,000, 4,00,000, 2., Opening Stock (on 01-04-2015), 50,000, …………., 3., Wages, 20,000, ,…………, 4., Salaries, 20,000, …………., 5., Land and Buildings, 2,00,000, …………., 6., Furniture, 20,000, …………., 7., Advertisement, 10,000, …………., 8., Debtors and Creditors, 50,000, 60,000, 9., Cash in Hand, 20,000, ……….., 10., Drawings:- Sunil, 20,000, ……….., Sharad, 10,000, ……….., 11., Capitals (Partners Capitals):- Sunil, ……., 50,000, Sharad, ………, 60,000, Total, 5,70,000, 5,70,000, Other Information:(a) Closing Stock on 31-03-2016 was valued at Rs.10,000, (b) Outstanding Salaries amounted to Rs.5,000.
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(c) Sunil is entitled to a slary of Rs.5,000 p.m., (d) Interest on Capital @ 10% per annum., (e) Make provision for doubtful debts @5% on debtors, Prepare Statement of Assets and Liabilities as on 31-03-2016 and, the Statement of Income and Expenditure for the year ending 3103-2016, , Solution ., Part-B Form 8 Rule-24., Statement of Income and Expenditure A/c for the year ending 31-03-2016, Particulars, , Rs., , I Income, (a) Turnover ( Sales), Less:- Excise Duty, (b) Other Income, (c) Increase in Closing Stock, (closing Stock- Opening Stock), ( 60,000-50,000), Gross Income, II Expenses, (a) Purchases (Gross), 1,50,000, Less:- Returns, …………, (b) Personal Expenses:- salaries, 20,000, Add:- Outstanding, +5,000, , Rs., 4,00,000, ………., , Rs., 4,00,000, …………., 10,0000, , 4,10,000, , 1,50,000, 25,000
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Wages, Salary to Partner Sunil ( 5,000x12), © Administrative Expenses, (d) Selling Expenses : Advertisement, (e)Depreciation, (f) Interest on Capital: Sunil, Sharad, (g) Other Expenses, Provision for Bad and doubtful debts, (5% on Rs.50,000) 50,000x5/100, Profit Before Tax, (h)Provision for Income Tax, Profit after Tax, (i)Balance of Profit transferred to, Sunil (1/2x1,31,500), Sharad (1/2x1.31.500), , 20,000, 60,000, ………, 10,000, ………, 5,000, 6,000, , 11,000, 2,500, -2,78500, , 1,31,500, …………, 1,31,500, , 65,750, 65,750, , 1,31,500, 1,31,500, , Nil, , Balance, Part B- form -8 Rule 24, , Statement of Assets and Liabilities of Sunil and sharad LLP as on 31-03-2016, Particulars, (A) Contribution and Liabilities, (1) Partners funds, (a) Contribution :- Sunil, Add: Interest on Capital, Share of Profit, Salary to Partner, Less:- Drawings: Sunil, , Rs., , Rs., , 50,000, 5.000, 65,750, 60,000, 1,80,750, -20,000, , 1,60,750, , Rs.
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Sharad contribution, Add: Interest on, Capital, Share of Profit, , 60,000, 6,000, 65,750, 1,31,750, -10,000, , 1,21,750, , Less:- Drawings, (b) Reserves and Surplus, (2) Liabilities:- (a) Secured Loans, (b ) Unsecured Loan, (c) Short- term Borrowings, (d) Trade payables (Creditors), (e) Other Liabilities, Outstanding, (f) Provisions, Total, (B) Assets :(a) Fixed Assets :- Land and, Buildings as per Last B/S, Furniture as per Last B/S, (b) Investments, (c) Loans and Advances, (d) Inventories ( Closing Stock), (e) Trade Receivables ( Debtors), Less Provision for doubtful, debts, (f) Cash and Cash Equivalents, Cash in Hand, Cash at Bank, Total, , 2,82,500, …………., …………., ………….., ………….., 60,000, 5,000, …………., 3,47,500, , 50,000, -2,500, , 2,00,000, 20,000, ……, ……., 60,000, 47,500, , 20,000, …………, , 20.000, 3,47,500
