1 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 225000 X Capital A/C 75000 Plant and Machinery 67500 Y Capital A/C 45000 Wages 30000 Sundry creditors 37500 Opening Stock of Finished Goods 60000 Sales (net) 487500 Opening Stock of Raw material 30000 Discount 3750 Opening Stock of Work in Progress 27000 Provision for bad debts 2250 Sundry debtors 75000 Commission 15000 Carriage inwards 2250 Y's Loan A/C 45000 Carriage outwards 1350 0 Factory Expenses 11250 0 Royalties 2250 0 Purchase of Raw material (net) 11250 0 Factory rent & taxes 9750 0 Discount 4350 0 Office rent 6000 0 Insurance 3000 0 Bad debts 2250 0 Office Expenses 11250 0 Salaries of works manager 18000 0 Cash at bank 12300 0 711000 711000 The following additional information is to be taken into consideration: Closing Stock: Finished Goods 75000 Raw Materials 45000 Work in Progress 37500 Outstanding Liabilities: 0 Wages 7500 Office Salaries 9000 Office Rent 3000 Partnership Salary: 0 X 9000 Y 4500 Insurance Premium paid in advance 750 Provision for bad debts to be created @ 2.5% on debtors 0 Depreciate Land and Buildings by 2.5% and Plant and Machinery by 5%. 0 The loan account of Y was raised in the books before the beginning of the year. 0