Question

Closing stock 15000, building and furniture are depriciated by 10 and 20% respectively. bad debts 1000 and put 5% provisions on remaining debtors,commission received in advance 1ooo plz make trading and profit and loss account and balance sheet with adjustments​

Answer 1

Profit and loss account is Nominal account in which debit all expenses and losses and credit all income and gains .

and in trading we have to write only transaction related to trade income and expenditure account like .