2. Ramesh and Suresh are running a partnership firm and share profits and losses in the ratio of 3:2. From the given Trial balance you are required to prepare a Trading and Profit & Loss A/c for the year ended 31st March, 2013 and a Balance Sheet as on that date, after taking into consideration the additional information provided.
Adjustments
1) Closing stock was valued at Rs. 78,450.
2) Ramesh withdrew goods worth Rs. 10,050 for personal use.
3) Machinery is depreciated at 10% whereas plant at 5%
4) Insurance was for 2 years starting from 1.10.2012.
5) Partners decided to maintain RDD at 4% of Debtors.
