Financial Accounting

Please show the workings. Thank you.

Example 1 Chess Nimal, Sunil and Rohan are carrying on a business with the following agreements. Belanoly Nimal and Rohan re to be credited with monthly salary of Rs. 5,000 and Rs. 7,500 respectively. In addition to that 5% interest should paid to the opening balance of capital accounts of each partners. 2. Drawings are made as follows: Nimal Rs. 6,250 at the start of every month, Sunil Rs 3,600 at the middles of every month and Rohan Rs. 7,500 at end of every month. Interest on drawings charged at 12% per annum. 3. Profit and loss sharing ratio among partners should be 2:2:1 The trial balance as at 31/03/2X14 was as follows: Dr Cr Capital Accounts as at 01.04.2X13 - Nimal Sunil Rohan 1,000,000 625,000 375,000 POTE 2 M.G. Priyalons DY 200,000 Current Accounts as at 01.04.2X13 - Nimal Sunil 12,500 Rohan 100,000 Drawing - Nimal Sunil 75,000 43,200 90,000 Rohan 6,160,000 25,000 162,500 120,000 450,000 175,000 750,000 800,000 Sales Sales Return Creditors General Reserves Office equipment Accumulated depreciation as at 01/04/2X13 Land Building - Cost Accumulated depreciation as at 01/04/2X13 Investment made on 01/04/2X13 Interest income on investment (01/04/2x13 - 31/12/20X3) - Purchases Stock as at 01/04/2X13 Salaries and Wages 125,000 200,000 18,000 3,700,000 525,000 800,000 30.000 Carriage inwards Office Expenses Rent and Rates Selling and Distribution expense Debtors Bad debts Provision for doubtful debts as at 01/04/2X13 Loan to Rohan Cash at bank Loan from Nimal 30,000 565,000 131,000 24,200 281,300 20,000 26,300 125,000 671,000 232,000 2.318,800 9,318.800 Additional Information: 1. Closing stock is estimated as follows. Cost Rs - 450,000 and net realizable value Rs - 330,000 2. Rs. 7,500 bad debts should be written off and 10% provision for doubtful debts should be provided for the debtors' balance 3. Rent paid in advance and accrued office expenses are Rs. 31,000 and Rs. 36,000 respectively 4. Office equipment and buildings should be depreciated at 20% and 10% respectively. 5. Salaries and wages include Rs. 10,000 and Rs. 15,000 paid to Nimal and Rohan respectively as their two months' partners' salaries. 6. 10% of net profit should be transferred in to general reserve. You are required to prepare: 1. Income statement for the year ended 31/03/3X14 2. Statement of Financial Position as at 31/03/3X14 3. Partners' current accounts