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X and Y are partners sharing profits in the ratio of 2:1. The undermentioned trail balance sheet extracted from their books 31st March, 2019 Particulars X's Capital Y's Capital X's Drawings Y's Drawings Stock (1st April, 2016) Purchases and Sales Debtors and Creditors Buildings Cash in hand Bank Overdraft Salaries to Staff Rent Advertising Expenditure Travelling Expenses Dr. Balances Cr. Balances $ $ 3,20,000 2,40,000 40,000 32,000 45,200 8,68,000 12,45,000 1,52,000 48,000 6,00,000 5,900 27,500 74,700 26,400 5,000 31,300 18,80,500 18,80,500 You are required to prepare the Profit and Loss Account as on that date. The following adjustments are to be made : (i) The value of stock on March 31, 2019 was $ 64,000. (ii) Charge depreciation on Buildings at 10%. (iii) Provide for outstanding rent $ 2,400. (iv) Partners are entitled to interest on Capital @ 5% and X is entitled to a salary of $ 48,000 p.a