Edaccountancy

Introduction: Amitbhai and Narendrabhai are in Partnership sharing Profits and losses equally. from the following Trail balance and Adjustments given below, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as on that date. "In this updated guide, we provide a comprehensive accounting solution for Amitbhai and Narendrabhai's are in partnership. This includes detailed steps for preparing the Trading and Profit & Loss Account and Balance Sheet as of 31st March 2019. Recent updates include additional examples, enhanced explanations, and a clearer breakdown of complex concepts to help accounting students better understand the process."      

   2019 April     1. Mr. Anand started business with  cash  Rs.60,000.             5. Purchase goods for cash Rs.30,000.               7. Sold goods of Rs.10,000 to Suresh.                10. Purchased Furniture from Mr. Govind on credit Rs.30,000.               15. Paid for Rent Rs.3,000 and paid by debit card.                21. Purchased goods from Urmila on credit Rs.70,000.                27. Paid for Transport Rs.1,000 to United Transport.                30. Paid to Urmila Rs.20,000 on behalf of Sharmila.      Solution: