Kapil and Vineet were partners sharing profits and losses in the ratio of 3:2. The following balances were extracted from the books of account for the year ended March 31, 2017.

Prepare the final accounts for the year ended March 31, 2017 firm taking into consideration the following:
(a) Stock on March 31, 2017 was Rs. 18,000 ,
(b) Provision for doubtful debts is to be provided at `5%` on debtors,
(c) Outstanding salaries were Rs. 1,000,
(d) Goods worth Rs. 8,000 were destroyed by fire on December 10, 2016. The Insurance Company agreed to pay Rs. 7,000 in full settlement of the claim,
(e) Interest on capitals is allowed at` 6%` per annum and interest on drawings is also charged at `6% ` per annum,
(f) Kapil is entitled to a Salary of Rs. 1,200 per annum,
(g) Write-off Land and buildings at `5%`, Furniture at `10%` and Plant and Machinery at` 15%`.

Explanation