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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 Particulars 375000 x Capital A/c 112500 Y Capital A/c 50000 Sundry creditors 100000 Sales (net) Dr. Cr. Land and Buildings 125000 75000 Plant and Machinery Wages 62500 Opening Stock of Finished Goods 812500 Opening Stock of Raw material Opening Stock of Work in Progress Sundry debtors Carriage inwards Carriage outwards Factory Expenses 50000 Discount 45000 Provision for bad debts 6250 3750 125000 Commission 25000 3750 Y's Loan A/c 75000 2250 18750 Royalties 3750 Purchase of Raw material (net) 187500 Factory rent & taxes 16250 Discount 7250 Office rent 10000 5000 Insurance Bad debts 3750 Office Expenses 18750 Salaries of works manager Cash at bank 30000 20500 | 1185000 The following additional information is to be taken into consideration: 1185000 Closing Stock: Finished Goods 125000 Raw Materials 75000 Work in Progress 62500 Outstanding Liabilities: Wages 12500 Office Salaries 15000 Office Rent 5000 Partnership Salary: 15000 Y 7500 Insurance Premium paid in advance 1250 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 A/c, Partners' Capital A/c and the Balance Sheet. Particulars Particulars 375000 x Capital A/c 112500 Y Capital A/c 50000 Sundry creditors 100000 Sales (net) Dr. Cr. Land and Buildings 125000 75000 Plant and Machinery Wages 62500 Opening Stock of Finished Goods 812500 Opening Stock of Raw material Opening Stock of Work in Progress Sundry debtors Carriage inwards Carriage outwards Factory Expenses 50000 Discount 45000 Provision for bad debts 6250 3750 125000 Commission 25000 3750 Y's Loan A/c 75000 2250 18750 Royalties 3750 Purchase of Raw material (net) 187500 Factory rent & taxes 16250 Discount 7250 Office rent 10000 5000 Insurance Bad debts 3750 Office Expenses 18750 Salaries of works manager Cash at bank 30000 20500 | 1185000 The following additional information is to be taken into consideration: 1185000 Closing Stock: Finished Goods 125000 Raw Materials 75000 Work in Progress 62500 Outstanding Liabilities: Wages 12500 Office Salaries 15000 Office Rent 5000 Partnership Salary: 15000 Y 7500 Insurance Premium paid in advance 1250 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.

Income Tax Fundamentals 2020
Income Tax Fundamentals 2020
38th Edition
ISBN:9780357391129
Author:WHITTENBURG
Publisher:WHITTENBURG
Chapter6: Accounting Periods And Other Taxes
Section: Chapter Questions
Problem 5MCQ: Which of the following entities is required to report on the accrual basis? An accounting firm...
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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. 375000 x Capital A/c 112500 Y Capital A/c 50000 Sundry creditors 100000 Sales (net) 50000 Discount Land and Buildings Plant and Machinery 125000 75000 Wages 62500 Opening Stock of Finished Goods 812500 Opening Stock of Raw material Opening Stock of Work in Progress Sundry debtors 6250 45000 Provision for bad debts 3750 125000 Commission 3750 Y's Loan A/c 2250 25000 Carriage inwards 75000 Carriage outwards Factory Expenses 18750 Royalties 3750 Purchase of Raw material (net) 187500 16250 7250 10000 Factory rent & taxes Discount Office rent Insurance 5000 3750 18750 30000 20500 1185000 The following additional information is to be taken into consideration: Bad debts Office Expenses Salaries of works manager Cash at bank 1185000 Closing Stock: Finished Goods 125000 Raw Materials 75000 Work in Progress 62500 Outstanding Liabilities: Wages 12500 Office Salaries 15000 Office Rent 5000 Partnership Salary: 15000 Y 7500 Insurance Premium paid in advance 1250 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. 375000 x Capital A/c 112500 Y Capital A/c 50000 Sundry creditors 100000 Sales (net) 50000 Discount Land and Buildings Plant and Machinery 125000 75000 Wages 62500 Opening Stock of Finished Goods 812500 Opening Stock of Raw material Opening Stock of Work in Progress Sundry debtors 6250 45000 Provision for bad debts 3750 125000 Commission 3750 Y's Loan A/c 2250 25000 Carriage inwards 75000 Carriage outwards Factory Expenses 18750 Royalties 3750 Purchase of Raw material (net) 187500 16250 7250 10000 Factory rent & taxes Discount Office rent Insurance 5000 3750 18750 30000 20500 1185000 The following additional information is to be taken into consideration: Bad debts Office Expenses Salaries of works manager Cash at bank 1185000 Closing Stock: Finished Goods 125000 Raw Materials 75000 Work in Progress 62500 Outstanding Liabilities: Wages 12500 Office Salaries 15000 Office Rent 5000 Partnership Salary: 15000 Y 7500 Insurance Premium paid in advance 1250 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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