prepare the Profit & Loss Account and the Balance Sheet ??

Questions Bank 7. The following is the trail Balance of Xandy Coas on 31 March, 2008. The partners sharing profits and losses in the ratio 2:1. Freehold premhes Du 750,000 5 000 X Copa Y Capital Ale Sundry creditors Sales (nell Discount CI 50.000 30.000 25,000 326000 2.500 40.000 20.000 18.000 50.000 1.500 900 7,500 1,500 75.000 Provision for bad debts Commission Y'i toan Al Plant and Machinery Waget Opening Stock Pinhed Goods Row material Work in Progress Sundry deblors Canlage inwards Canlage outwards Factory Expenses Royalties Purchase of Row material (net) factory rent & taxes Discount Office rent Insurance Bad debts Office Expenses Salaries of works manager Cash al bank 1.500 10.000 30.000 6,500 2.900 4,000 2.000 1.500 7.500 12.000 8.200 474.000 474.000 The following additional information is to be taken into consideration: Closing Stock: Finished goods R.O 50,000; Raw material R.O 30,000; Work in Progress R.O 25,000. Outstanding liabilities: Wages R.O 5,000; Office salaries R.O 6,000 and office rent R.O 2,000. Provision for bad debts to be adjusted to 2.5% on debtors. Insurance premium paid in advance R.O 500. Depreciate freehold premises by 2.5% and plant and machinery by 5%. Partnership salary to be allowed to X R.O 6,000 and to Y R.O 3,000. The loan account of Y was raised in the books before the beginning of the year. Required: prepare the Profit & Loss Account and the Balance Sheet