Questions Bank 7. The following is the trajl Balance of X and y Co, as on 31 March, 2008. The partners sharing profits and losses in the ratio 2:1 50,000 30,000 325,000 2.500 Freehold premises Plant and Machinery Wares Opening Stock: Finished Goods Raw material Work in Progress Sundry debtors Carriage inwards Carriage outwards Factory Expenses Royalties Purchase of Raw material (net) Factory rent & taxes Discount Office rent Insurance Bad debts Office Expenses Salaries of works manager Cash at bank 1,500 10,000 30,000 25.000 Dr. 150,000 X Capital Ale 45,000 Y Capital A/C 20,000 Sales (net) Discount 40,000 20,000 18,000 50,000 Provision for bad debts 1,500 Commission 900 Y's toan A/C 7,500 Sundry creditors 1,500 75,000 6,500 2,900 4,000 2,000 1,500 7,500 12,000 8,200 474,000 474,000 Questions Bank 2. Mahesh and Ramesh are partners sharing profits in the ratio of 3:2 with capitals of R.O 50,000 and R.O 40,000 respectively. Interest on capital is agreed at 8% p.a. Interest on drawings is fixed at 10% p.a. The drawings of the partners Ramesh R.O 500. Mahesh is entitled to a salary of R.O 12,000 p.a. and Ramesh is commission. The Net Profit of the firm before making the above adjustments was R.O 60,000 for the year ended 31st March, 2005. Prepare the profit and loss appropriation account and capital Accounts hali Sds to lebts 300 50 prep ovid