Rajan and Rohit are partners in a partnership firm sharing profits and losses equally. You are required to prepare the Profit and Loss Account for the year ended 31st March 2020 and the Balance Sheet as on that date with the help of the following information:
Trial Balance as on 31st March 2020
\[
\begin{array}{|c|c|c|}
\hline
Debit Balances & Amount (₹) & Credit Balances & Amount (₹)
\hline
\text{Insurance} & 30,000 & \text{Capital Account:} &
\text{Land and Building (Addition of ₹40,000 w.e.f. 1st July 2019)} & 1,00,000 & \text{Rajan} & 1,00,000
\text{Salaries} & 10,000 & \text{Rohit} & 1,00,000
\text{Export Duty} & 5,000 & \text{10% Bank Loan (taken on 1st October 2019)} & 60,000
\text{Interest} & 2,000 & \text{Bills Payable} & 19,000
\text{Furniture} & 80,000 & &
\text{Debtors} & 52,000 & &
\hline
\text{Total} & 2,79,000 & \text{Total} & 2,79,000
\hline
\end{array}
\]
Additional information :
(1) Gross profit amounted to ` 69,000.
(2) Insurance paid for 15 months w.e.f. 1st April 2019.
(3) Depreciate land and building at 10% p.a. and furniture at 5% p.a.
(4) Write off ` 2,000 for bad debts and maintain R.D.D. at 5% on sundry debtors.
(5) Closing stock is valued at ` 69,000.