1) Interest on partners' capital Mahesh = 5% x 162000 = 8100 Umesh = 5% x 108000 = 5400 Commission on Sales = 2% x 420000 = 8400 2) Depreciation Motor Van = 8% x 88000 = 7040 Building = 7% x 150000 = 10500 3) Distribution of net profit Mahesh = 109660 X 3/5 = 65796 Umesh = 109660 X 2/5 = 43864 Mohini and Rohini are in partnership firm sharing profits and losses equally. From the following Trial Balance and adjustments given below, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2010 and Balance Sheet as on that date. 25 9. Trial Balance as on 31st March, 2010 Particulars Debit Amt. (Rs.) Credit Amt. (Rs.) Partner's Capital A/c - Mohini 1,20,000 Rohini 90,000 Purchases and Sales 2,20,000 4,30,000 Sundry Debtors and creditors 45,000 35,000 Bills Receivable and Bills Payable 55,000 50,000 Discount 4,000 3,500 Opening stock 25,000 Wages and Salaries 23,000 Manufacturing Expenses 9,000 Factory Insurance 5,000 Factory Building 1,30,000 Plant and Machinery 75,000 Advertisement (for 2 years w.e.f. 1st January, 2010) 10,000 Salaries and Wages 45,000 Warehouse Rent 6,000 Import duty 11,500 Cash in hand 5,000 10% Government Bond (purchased on 1st July, 2009) 60,000 7,28,500 7,28,500 Adjustments: 1) Closing stock was valued at market price Rs. 92,000 which is 15% above its cost price. 2) Goods casting Rs. 3,000 purchased and received on 31st March, 2010 were not recorded in purchase book. 3) Depreciate Machinery at 10% p.a. 4) Outstanding wages were Rs. 2,500. 5) Goods of Rs. 2,000 were taken by Mohini for personal use but no entry was made in the books of account. 6) Maintain R.D.D. at 5% on Sundry Debtors