The following is the trail Balance of X and Y Co. as on March 31, 2021. The partners sharing profits and losses in the ratio 2:1. Prepare the Income Statement, Profit & Loss Appropriation A/c, Partners' Capital A/c and the Balance Sheet. Particulars Land and Buildings Plant and Machinery Wages Opening Stock of Finished Goods Opening Stock of Raw material Opening Stock of Work in Progress Sundry debtors Dr. Particulars 675000 X Capital A/c Cr. 225000 202500 Y Capital A/C 135000 90000 Sundry creditors 112500 180000 Sales (net) 1462500 90000 Discount 11250 81000 Provision for bad debts 6750 225000 Commission 45000 Carriage inwards 6750 Y's Loan A/c 135000 Carriage outwards 4050 Factory Expenses 33750 0 Royalties 6750 0 Purchase of Raw material (net) 337500 0 Factory rent & taxes 29250 Discount Office rent Insurance 13050 18000 9000 0 0 0 Bad debts 6750 0 Office Expenses 33750 Salaries of works manager 54000 0 Cash at bank 36900 0 2133000 2133000 The following additional information is to be taken into consideration: Closing Stock: Finished Goods 225000 Raw Materials Work in Progress Outstanding Liabilities: Wages Office Salaries Office Rent 135000 112500 0 22500 27000 9000 Partnership Salary: X Y 0 27000 13500 Insurance Premium paid in advance Provision for bad debts to be created @ 2.5% on debtors Depreciate Land and Buildings by 2.5% and Plant and Machinery by 5%. The loan account of Y was raised in the books before the beginning of the year. 2250 0 0 0