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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 ratio 2:1. Prepare the Income Statement, Profit & Loss Appropriation Ac, Partners' Capital A/c and the Balance Sheet. Particulars Dr. Particulars Cr. Land and Buildings Plant and Machinery 637500 X Capital A/c 191250 Y Capital A/c 85000 Sundry creditors 170000 Sales (net) 85000 Discount 212500 127500 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) 106250 1381250 10625 76500 Provision for bad debts 6375 212500| Commission 6375 Y's Loan A/c 42500 127500 3825 31875 6375 318750 Factory rent & taxes 27625 Discount 12325 Office rent 17000 Insurance 8500 Bad debts 6375 Office Expenses Salaries of works manager 31875 51000 Cash at bank 34850 2014500 2014S00 The following additional information is to be taken into consideration: Closing Stock: Finished Goods 212500 Raw Materials 127500 Work in Progress 106250 Outstanding Liabilities: Wages 21250 Office Salaries. 25S00 Office Rent 8500 Partnership Salary: 25500 12750 Insurance Premium paid in advance 2129 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.

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 Ac, Partners' Capital A/c and the Balance Sheet. Particulars Dr. Particulars Cr. Land and Buildings Plant and Machinery 637500 X Capital A/c 191250 Y Capital A/c 85000 Sundry creditors 170000 Sales (net) 85000 Discount 212500 127500 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) 106250 1381250 10625 76500 Provision for bad debts 6375 212500| Commission 6375 Y's Loan A/c 42500 127500 3825 31875 6375 318750 Factory rent & taxes 27625 Discount 12325 Office rent 17000 Insurance 8500 Bad debts 6375 Office Expenses Salaries of works manager 31875 51000 Cash at bank 34850 2014500 2014S00 The following additional information is to be taken into consideration: Closing Stock: Finished Goods 212500 Raw Materials 127500 Work in Progress 106250 Outstanding Liabilities: Wages 21250 Office Salaries. 25S00 Office Rent 8500 Partnership Salary: 25500 12750 Insurance Premium paid in advance 2129 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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following s 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 191250 Y Capital A/c 85000 Sundry creditors 170000 Sales (net) 85000 Discount 76500 Provision for bad debts 212500 Commission 6375 Y's Loan A/c 212500 Plant and Machinery 127500 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 106250 1381250 10625 6375 42500 127500 3825 31875 6375 Purchase of Raw material (net) 318750 Factory rent & taxes Discount 27625 0. 12325 17000 8500 0. Office rent Insurance Bad debts Office Expenses Salaries of works manager 6375 31875 S1000 Cash at bank 34850 2014500 The following additional information is to be taken into consideration: 2014500 Closing Stock Finished Goods Raw Materials Work in Progress Outstanding Labilities: Wages office Salarie. 212500 127500 106250 21250 25500 8500 office Rent Partnership Salary 10 25500 12750 Insurance Premium paid in advance 2125 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.
Transcribed Image Text:The following s 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 191250 Y Capital A/c 85000 Sundry creditors 170000 Sales (net) 85000 Discount 76500 Provision for bad debts 212500 Commission 6375 Y's Loan A/c 212500 Plant and Machinery 127500 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 106250 1381250 10625 6375 42500 127500 3825 31875 6375 Purchase of Raw material (net) 318750 Factory rent & taxes Discount 27625 0. 12325 17000 8500 0. Office rent Insurance Bad debts Office Expenses Salaries of works manager 6375 31875 S1000 Cash at bank 34850 2014500 The following additional information is to be taken into consideration: 2014500 Closing Stock Finished Goods Raw Materials Work in Progress Outstanding Labilities: Wages office Salarie. 212500 127500 106250 21250 25500 8500 office Rent Partnership Salary 10 25500 12750 Insurance Premium paid in advance 2125 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.
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