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

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

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