Question

Q. 1. X and Y are partners sharing profits in the ratio of 2 : 1. The undermentioned
trial balance was extracted from their books as at 31st March, 2019:
the
Dr. Balances Cr Balances
3,20,000
2,40,000
ims
l's Capital
/'s Capital
I's Drawings
y's Drawings
rate
40,000
32,000
45,200
8,68,000
1,52,000
6,00.000
5,900
12,45,000
48,000
Stock (Ist April, 2016)
Purchases and Sales
Debtors and Creditors
Buildings
Cash in hand
Bank Overdratt
Silaries to Staff
Rent
o be
27,500
Ared
hat
Advertising Expenditure
Travelling Expenses
74.700
26,400
5,000
31,300
18,80,500
18,80,500
on
of
a.
You are required to prepare the Profit and Loss Account and Profit and Loss
Appropriation Account for the year ended 31st March, 2019 and a Balance Sheet as
on that date. The following adjustments are to be made :
(i) The value of stock on March 31, 2019 was 764,000.
(i) Charge depreciation on Buildings at 10%.
(in) Provide for outstanding rent 2,400.
(iv) Partners are entitled to interest on Capital @ 5% and X is entitled to a salary
of 348,000 p.a.
725 900- Net Profit as per Profit & Loss A/c 1,96,000,
-y.
Ito​

Answer 1

Answer:

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