From the following Trial Balance and Adjustments of Kumbhar and Maroti you are required to prepare Trading and Profit and Loss Account for the year ended on 31st March, 2005 and Balance Sheet as on that date. [March 2009]


Trial Balance as on 31st March, 2005
Debit Balance
Rs.
Credit Balance
Rs.
Stock (1.4.2004)
Salary and Wages
Cash
Purchases
Sundry expenses
Wages
Bills Receivable
Travelling Expenses
Bad Debts
Factory Expenses
Commission
Investments
Debtors
Tools and Equipments
Furniture
Goodwill
Building
35000
4200
10000
225200
13600
12000
6000
2000
3000
8000
4000
20000
40000
6000
12000
21000
50000
Sales
Discount
Creditors
Bank Overdraft
Interest on Investment
Capitals:
Kumbhar
Maroti
330000
4000
20000
10000
8000

60000
40000
472000
472000
Adjustments
1.   Partners share Profits and Losses in the ratio of their capitals.
2.   Closing stock is valued at Cost Price Rs. 40,000 and at Market Price Rs. 45,000.
3.   Kumbhar has withdrawn goods worth Rs. 1,200 for his own use, but no entry is made in the books.
4.   Uninsured goods worth Rs. 12,000 were lost by fire.
5.   Rs. 450 is to be written off as bad debts.
6.   Unpaid expenses:
Salary and Wages Rs. 800
Rent Rs. 1,200
Depreciate building @ 7 ½ % p.a.
103000
70000
100800-68000
200800
GROSS PROFIT
NET PROFIT
PARTNERS CAPITAL ACCOUNT BALANCE
BALANCE SHEET TOTAL