50. Ram and Lakhan share profits and losses in the ratio of 2:3.

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:

1) Advertisement was to be deferred over 5 years.

2) Closing stock was valued at Rs. 1,90,000.

3) Goods worth Rs. 12,500 were distributed as free samples.

4) Sale of scrap of Rs. 2,300 was included in Sales.

5) Depreciate fixed assets at 7.5%

6) Debtors worth Rs. 15,600 went bad.