on Dr. 0 0 The following is the trail Balance of X and Y Co. as on 31st March, 2008. The partners sharing profits and losses in the ratio 2:1. Solve the following MCQs by preparing Income Statement, Profit & Loss Appropriation A/C, Partners' Capital Account and Balance Sheet. Particulars Particulars Cr. Land and Buildings 393750X Capital A/C 131250 Plant and Machinery 118120Y Capital A/C 78750 Wages 52500 Sundry creditors 65625 Opening Stock of Finished Sales (net) 105000 853125 Goods Opening Stock of Raw material 52500 Provision for bad debts 3939 Opening Stock of Work in Commission 47250 32811 Progress Sundry debtors 131300Y's Loan A/C 78750 Factory Expenses 40680 Purchase of Raw material (net) 196875 Office rent Insurance 5200 Office Expenses 37545 Salaries of works manager 31500 Cash at bank 21530 1244250 1244250 The following additional information is to be taken into consideration: Closing Stock: Raw Materials RO 18750, Work in Progress RO 17250 and Finished Goods RO 31250 Outstanding Liabilities: Wages RO 13125, Office Salaries RO 15750 and Office Rent RO 5250 Salary to the Partners: X RO 15750 and Y RO 7875 Insurance Premium paid in advance RO 1300 and Provision for bad debts to be created @ 3% against debtors. Depreciate Land and Buildings by 10% and Plant and Machinery by 5%. The loan account of Y was raised in the books before the beginning of the year. 10500 0 0 0 0 o 31 The balance sheet total of the partnership firm is out of a. None of the Given Options b. RO 684300 C. RO 648030 d. RO 684030 32 The total capital of the firm is - out of a. RO 500805 b. RO 325120 c. None of the Given Options d. RO 175685 -33 The value of profit distributed to Y is - out of a. None of the Given Options b. RO 89060 C.RO 267180 d. RO 178120 -34 The total value of raw materials, work in progress and finished goods used in the production is out of a. RO 334375 b. RO 260625 C. RO 230625 d. None of the Given Options - 35 The total depreciation of the all the assets is - out of a. RO 45281 b. None of the Given Options c. RO 5906 d. RO 39375 36 Journal to record the salary in Profit and Loss Appropriation A/c is - out of a. Dr. Profit and Loss Appropriation A/c RO 15750 and Cr. Salary A/c RO 15750 b. Dr. Profit and Loss Appropriation A/C RO 7875 and Cr. Salary A/c RO 7875 c. Dr. Salary A/c RO 23625 and Cr. Profit and Loss Appropriation A/c RO 23625 d. Dr. Profit and Loss Appropriation A/c RO 23625 and Cr. Salary A/C RO 23625 37 The closing value of provision for bad debts- out of a. None of the Given Options b. RO 5906 C. RO 3939 d. ROO