Question

Lav and kush are partners of a firm sharing profit-loss in the ratio 2:3. From the following
trial balance dated 31-3-2017 and adjustment, prepare annual accounts of the firm.
Adjustments:
Discount reserve on debtors
Closing stock value Rs.50,000, but market value of 60% is 50% Less. than book
value.
(1)
(2)
(3)
Provide 10% interest on capital and 12% on drawings.
(4) Furniture of Rs.7,000 is purchased on 1-10-'16. Which is recorded in the books.
Provide 10% Depreciation on furniture.
(5)
Written off Rs.1500 from debtors as bad debts and provide 5% bad debts reserve and
provide 2% Discount reserve on debtors.
Goods worth Rs.12,000 destroyed by fire, insurance company has admitted claim of
80%.
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