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A and B are partners Sharing profit and loss in the proportion of 3/5 and 2/5 respectively. The under mentioned trial balance was extracted from
A and B are partners Sharing profit and loss in the proportion of 3/5 and 2/5 respectively. The under mentioned trial balance was extracted from their books on 31stmarch 2022 a. The value of stock on 31st march 2022 was 12,500 b. Write off Ro.250 for office furniture, 10% from plant and machinery and 20% from motor vans. c. Provide 5% on the sundry debtors for doubtful debts d. Write off 1/5 of adverting expenses e. Partners are entitled to interest on capital and drawings at 5% per annum and B is entitled to a salary of Ro. 1,800 per annum.in case of drawings interest is to be charged for full year. Q1- You are required to Prepare trading and profit and loss account Q2- Profit and loss appropriation account. Q3. Balance sheet as that date, the above following adjustments are to be made
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