A set of instruments (10) is provided for use in the preparation of a natural bone of a condylar joint for receiving prosthetic components both in primary and revision surgery. To illustrate the invention and use thereof, reference is made to the preparation of a natural femur (F) in a knee joint. The set of instruments (10) includes an anterior-posterior femoral resection guide (12) having a guide aperture (36) formed therethrough, and a set of collets (14; 16; 18A; 18B) formed to detachably mount to the guide aperture (36). The set of collets (14; 16; 18A; 18B) includes a drill guide (14), a reamer sleeve (16), and a plurality of different size reamer bushings (18A; 18B). Accordingly, the drill guide (14) can be mounted to the anterior-posterior femoral resection guide (12) to provide guidance in the drilling of a channel (87) into the distal end of a femur (F), and, alternatively, the combination of the reamer sleeve (16) and the reamer bushings (18A; 18B) can be used to provide guidance in reaming a channel into the distal end of a femur (F). As an additional feature, a tibial template (98) is also provided which can be cooperatively used with the reamer sleeve (16) and reamer bushings (18A; 18B) to prepare a channel into a natural tibia (T).