From the following Trail Balance, prepare trading and profit and loss account for the year ending
31-3-2020 and the Balance Sheet as on that date.
Name of the Account Debit
₹
Credit
₹
Capital 30,000
Drawings 1,760
Purchases and Sales 8,900 15,000
Stock (on 1-4-2019) 1,200
Returns 280 450
Wages 800
Buildings 22,000
Freight charges 2,000
Trade expenses 200
Advertisement 240
Interest 650
Taxes and Insurance 430
Debtors and Creditors 6,500 1,200
Bills receivable and bills payable 1,500 700
Cash at bank 1,200
Cash in hand 190
Salaries 800
Total 48,000 48,000
Adjustments:
1. Stock on 31-3-2020 was valued at ₹ 10,000.
2. Insurance prepared to the extent of ₹ 100.
3. Outstanding salaries ₹ 200.
4. Depreciate buildings by 5%.
5. Provide PDD at 5% on debtors.
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Answer:
gross profit 18893
net profit 16739
balance sheet 67889995
closing stock 87372
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