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 Dr. Particulars Cr. Land and Buildings 675000 X Capital A/C 225000 Plant and Machinery 202500 Y Capital A/C 135000 Wages 90000 Sundry creditors 112500 Opening Stock of Finished Goods 180000 Sales (net) 1462500 Opening Stock of Raw material 90000 Discount 11250 Opening Stock of Work in Progress 81000 Provision for bad debts 6750 Sundry debtors 225000 Commission 45000 Carriage inwards 6750 Y's Loan A/C 135000 Carriage outwards 4050 Factory Expenses 33750 Royalties 6750 0 Purchase of Raw material (net) 337500 Factory rent & taxes 29250 Discount 13050 Office rent 18000 Insurance 9000 Bad debts 6750 Office Expenses 33750 Salaries of works manager 54000 Cash at bank 36900 2133000 2133000 The following additional information is to be taken into consideration: Closing Stock: Finished Goods 225000 Raw Materials 135000 Work in Progress 112500 Outstanding Liabilities: 0 Wages 22500 Office Salaries 27000 Office Rent 9000 Partnership Salary: 0 27000 Y 13500 Insurance Premium paid in advance 2250 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. ololololololololo 0 OO