The following is the trail Balance of X and Y Co. as on March 31, 2021. The partners sharing profits and losses in the r

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The Following Is The Trail Balance Of X And Y Co As On March 31 2021 The Partners Sharing Profits And Losses In The R 1 (81.63 KiB) Viewed 43 times

The following is the trail Balance of X and Y Co. as on March 31, 2021. The partners sharing profits and losses in the ratio 2:1. Prepare the Income Statement, Profit & Loss Appropriation A/C, Partners' Capital A/c and the Balance Sheet. Particulars Dr. Particulars Cr. Land and Buildings 637500 X Capital A/c 212500 Plant and Machinery 191250 Y Capital A/C 127500 Wages 85000 Sundry creditors 106250 Opening Stock of Finished Goods 170000 Sales (net) 1381250 Opening Stock of Raw material 85000 Discount 10625 Opening Stock of Work in Progress 76500 Provision for bad debts 6375 Sundry debtors 212500 Commission 42500 Carriage inwards 6375 Y's Loan A/C 127500 Carriage outwards 3825 0 Factory Expenses 31875 0 Royalties 6375 0 Purchase of Raw material (net) 318750 0 Factory rent & taxes 27625 0 Discount 12325 0 Office rent 17000 0 Insurance 8500 0 Bad debts 6375 0 Office Expenses 31875 0 Salaries of works manager 51000 0 Cash at bank 34850 0 2014500 2014500 The following additional information is to be taken into consideration: Closing Stock: Finished Goods 212500 Raw Materials 127500 Work in Progress 106250 Outstanding Liabilities: 0 Wages 21250 Office Salaries 25500 Office Rent 8500 Partnership Salary: 0 х 25500 Y 12750 Insurance Premium paid in advance 2125 Provision for bad debts to be created @ 2.5% on debtors 0 Depreciate Land and Buildings by 2.5% and Plant and Machinery by 5%. 0 The loan account of Y was raised in the books before the beginning of the year. 0