5. 1) Bills receivable dishonoured has to be added back to debtors and reduced from bills receivable. 2) Depreciation=Rs. 1,20,000 x 20%= Rs. 24,000 3) New RDD New amount of debtors= Rs. 88,000 + 8,000 = Rs. 96,000 New RDD=Rs. 96,000 x 5% = Rs. 4,800 4) Distribution of Profits Amar= Rs. 1,61,310 x 3/10 = Rs. 48,393 Akbar = Rs. 1,61,310 x 7/10 = Rs. 1,12,917 Vijay and Lakshmi run a partnership firm and share profits and losses in the ratio of their capitals. From the given Trial balance you are required to prepare a Trading and Profit & Loss A/c for the year ended 31st March, 2013 and a Balance Sheet as on that date, after taking into consideration the additional information provided. Trial Balance as on 31st March, 2013 Particulars Debit Amt. Rs. Credit Amt. Rs. Capital A/C Vijay 5,00,000 Lakshmi 5,00,000 Current A/C Vijay Lakshmi 40,000 50,000 31 Particulars Debit Amt. Rs. Credit Amt. Rs. Purchases & Sales 5,00,000 15,00,000 Debtors and Creditors 2,50,000 1,25,000 Bills Receivable and Payable 1,25,000 2,20.000 Commission 5,000 25,000 Opening Stock 60,000 Cash in hand 25,000 10% Government Bonds (purchased 1.10.12) 5,00,000 Office expenses co 60,000 Salaries and Wages 2,00,000 200.000 Building 10,00,000 ang www Furniture 2,00,000 Bad debts 30,000 Drawings - Vijay 25,000 Carriage inward 25,000 Rent Received 1,25,000 30,45,000 30,45,000 Adjustments: 1) Goods worth Rs. 15,000 were lost by fire. Insurance company admitted claim of Rs. 12,000. 2) Interest on partner's capital is 7.5% p.a. 3) Interest on drawings at 6% p.a. 4) Depreciation is charged at 10% on all fixed assets 5) Maintain RDD at 6% on debtors 6% 6) Closing stock was valued at cost of Rs. 1,23,000