5. Vijay and Lakshmi run a partnership firm and share profits and losses in the ratio of their capitals. 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:
- Goods worth Rs. 15,000 were lost by fire. Insurance company admitted claim of Rs. 12,000.
- Interest on partner’s capital is 7.5% p.a.
- Interest on drawings at 6% p.a.
- Depreciation is charged at 10% on all fixed assets.
- Maintain RDD at 6% on debtors.
- Closing stock was valued at cost of Rs. 1,23,000.
