2. Ram and Lakhan share profits and losses in the ratio of 2:3. 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:
- Advertisement was to be deferred over 5 years.
- Closing stock was valued at Rs. 1,90,000.
- Goods worth Rs. 12,500 were distributed as free samples.
- Sale of scrap of Rs. 2,300 was included in Sales.
- Depreciate fixed assets at 7.5%
- Debtors worth Rs. 15,600 went bad.
