5. Vijay and Lakshmi run a partnership firm and share profits and losses in the ratio of their capitals.

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:

1) Goods worth Rs. 15,000 were lost by fire. Insurance company admitted claim of Rs. 12,000.

2) Interest on partner’s capital is 7.5% p.a.

3) Interest on drawings at 6% p.a.

4) Depreciation is charged at 10% on all fixed assets

5) Maintain RDD at 6% on debtors

6) Closing stock was valued at cost of Rs. 1,23,000