1,11,800 1,11,800 Balance Sheet as on 31" December 2006 Liabilities Rs. Rs. Assets Rs. Capital Accounts Cash Ram: balance 60,000 Bits Receivable (+) Net Profit + 37.450 97,450 Investments Debtors Shyam: balance 40.000 Trademarks (+) Net Profit 37.450 77.450 Tools and Equipments Creditors 20.000 Closing Stock Bank Overdratt 10.000 Furniture Outstanding Goodwill Salaries & Wage 2.100 Building Rs. 10,000 8.000 20,000 40,000 8.000 j16 6,000 40,000 12,000 13,000 50,000 2,07.000 2,07,000 Illustration 3 : (Goods withdrawn, Loss by Fire) From the following Trial Balance of Jagan and Magan, you are required to prepare a Trading and Profit and Loss Account for the year ended 31 March 2010 and the Balance Sheet as on that date, after taking into the consideration the additional information: Trial Balance as on 31 March 2010 Particulars Credit (Rs.) 1.65,000 Opening Stock Salaries and Wages Cash in hand Purchases and Sales Office Expenses Productive Wages Bills Receivable Legal Expenses Bad Debts Works Manager's Salary Commission Investments Debtors and Creditors Bank Overdratt Debit (Rs.) 17.500 4.600 5.000 1.12.600 4,300 7.000 4,000 1,500 500 3.000 1.500 10.000 20,000 2,400 10,000 5,000 Jagan Patents 4,000 Loose Tools 3,000 Furniture 6.000 Goodwill 6,500 Interest on Investment 3,600 Land and Building 25.000 Capital Accounts: 30,000 Magan 20,000 2,36,000 2,36,000 Adjustments : 1. Partners share Profits and Losses in their capital ratio. 2. The Closing Stock - Cost Rs.20,000/- Market Value Rs.22,500/- 3. Jagan has withdrawn goods worth Rs.600/- for his personal use. 4. Uninsured goods worth Rs. 5,000/- were destroyed by fire. 5. Rs.225/- written off as bad debts from Debtors. 6. Outstanding Salaries and Wages Rs.400/- 7 Depreciation on land and Building at 74%