6. Tom and Riddle share profits and losses in the ratio of 5:2 of their partnership firm.

6. Tom and Riddle share profits and losses in the ratio of 5:2 of their partnership firm. From the given Trial balance you are required to prepare a Trading and Profit & Loss A/c for the year ended 31st March, 2014 and a Balance Sheet as on that date, after taking into consideration the additional information provided.


Adjustments:

1) Closing stock was valued at Rs. 99,999.

2) Goods worth Rs. 5,670 purchased on 25.03.2013, included in closing stock but not recorded in purchase book.

3) Depreciate Fixed Assets at 10%

4) Salaries of Rs. 12,500 are outstanding.

5) Write off bad debts of Rs. 3,500.



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