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 Dr. Particulars Cr. Land and Buildings 825000 X Capital A/C 275000 Plant and Machinery 247500 Y Capital A/C 165000 Wages 110000 Sundry creditors 137500 Opening Stock of Finished Goods 220000 Sales (net) 1787500 Opening Stock of Raw material 110000 Discount 13750 Opening Stock of Work in Progress 99000 Provision for bad debts 8250 Sundry debtors 275000 Commission 55000 Carriage inwards 8250 Y's Loan A/C 165000 Carriage outwards 4950 0 Factory Expenses 41250 0 Royalties 8250 Purchase of Raw material (net) 412500 Factory rent & taxes 35750 Discount 15950 Office rent 22000 Insurance 11000 Bad debts 8250 Office Expenses 41250 Salaries of works manager 66000 0 Cash at bank 45100 0 2607000 2607000 The following additional information is to be taken into consideration: Closing Stock: Finished Goods 275000 Raw Materials 165000 Work in Progress 137500 Outstanding Liabilities: 0 Wages 27500 Office Salaries 33000 Office Rent 11000 Partnership Salary: 0 33000 Y 16500 Insurance Premium paid in advance 2750 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. OOOOOOOO loc oo