Extracted text: Laurel and Hardy are partners of the firm LH & Co. From 1-4-2011. Initially both of them contributed $ 1,00,000 each as capital. They did not contribute any capital thereafter. They maintain accounts of the firm on mercantile basis. They were sharing profits and losses in the ratio of 5:4. After the accounts for the year ended 31-3-2015 were finalised, the partners decided to share profits and losses equally with effect from 1-4-2011. It was also discovered that in ascertaining the results in the earlier years certain adjustments, details of which are given below, had not been noted. Year ended 31s* March 2012 2013 2014 2015 $ $ Profit as per accounts prepared and finished 1,40,000 2,60,000 3,20,000 3,60,000 Expenses not provided for ( as 31* March) 30,000 20,000 36,000 24,000 Income not taken into account ( as at 31t* March) 18,000 15,000 12,000 21,000 Following is the Balance Sheet of the firm as on 31-3-2015 before adjustments of revised profits between Laurel and Hardy. BALANCE SHEET LH & CO. as at 31-3-2015 Liabilities Assets Plant and Machinery Capital Accounts : Laurel Hardy Sundry Creditors 2,11,500 Cash in hand 1,51,500 Cash at Bank 2,27,000 | Stock in Trade Sundry Debtors 60,000 10,000 5,000 3,10,000 2,05,000 5,90,000 5,90,000 You are required to prepare (1) Profit and Loss Account; (1I) Capital Accounts of the partners.