The following is the trail Balance of X and Y Co. as on March 31, 2021....

 

Transcribed Image Text:

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 Land and Buildings Plant and Machinery Wages Opening Stock of Finished Goods Opening Stock of Raw material Opening Stock of Work in Progress Sundry debtors Carriage inwards Carriage outwards Factory Expenses Royalties Purchase of Raw material (net) Factory rent & taxes. Discount Office rent Insurance Bad debts Office Expenses Salaries of works manager Cash at bank Closing Stock: Finished Goods Raw Materials Work in Progress Outstanding Liabilities: Wages Office Salaries Office Rent Partnership Salary: X Y Dr. 187500 X Capital A/c 56250 Y Capital A/c 25000 Sundry creditors 50000 Sales (net) 25000 Discount 22500 Provision for bad debts 62500 Commission 1875 Y's Loan A/c 592500 The following additional information is to be taken into consideration: 1125 9375 1875 93750 8125 3625 5000 2500 1875 9375 15000 10250 Particulars Insurance Premium paid in advance Provision for bad debts to be created @ 2.5% on debtors Depreciate Land and Buildings by 2.5% and Plant and Machinery by 5%. The loan account of Y was raised in the books before the beginning of the year. Cr. 62500 37500 31250 406250 3125 1875 12500 37500 0 0 0 0 0 0 0 0 0 0 0 0 592500 62500 37500 31250 6250 7500 2500 0 7500 3750 625 0 0 0 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 Land and Buildings Plant and Machinery Wages Opening Stock of Finished Goods Opening Stock of Raw material Opening Stock of Work in Progress Sundry debtors Carriage inwards Carriage outwards Factory Expenses Royalties Purchase of Raw material (net) Factory rent & taxes. Discount Office rent Insurance Bad debts Office Expenses Salaries of works manager Cash at bank Closing Stock: Finished Goods Raw Materials Work in Progress Outstanding Liabilities: Wages Office Salaries Office Rent Partnership Salary: X Y Dr. 187500 X Capital A/c 56250 Y Capital A/c 25000 Sundry creditors 50000 Sales (net) 25000 Discount 22500 Provision for bad debts 62500 Commission 1875 Y's Loan A/c 592500 The following additional information is to be taken into consideration: 1125 9375 1875 93750 8125 3625 5000 2500 1875 9375 15000 10250 Particulars Insurance Premium paid in advance Provision for bad debts to be created @ 2.5% on debtors Depreciate Land and Buildings by 2.5% and Plant and Machinery by 5%. The loan account of Y was raised in the books before the beginning of the year. Cr. 62500 37500 31250 406250 3125 1875 12500 37500 0 0 0 0 0 0 0 0 0 0 0 0 592500 62500 37500 31250 6250 7500 2500 0 7500 3750 625 0 0 0

Answer rating: 100% (QA)

Answer Solution M To Particulars Stock Opening Finished Goods Raw Material Work in Progress To Purch... View the full answer