Question

from the following trial balance,prepare trading and profit and loss account of rishabh for the year ended 31 march,2020 and balance as on that date

Answer 1

Pls check the below attachments

Answer 2

Answer:

Test of Balance by March 31, 2020

Assets Amount

Capital 40000 Stock 15000

Creditors 3000 Debtors 4000

Outstanding Expenses 2000 Bank 1000

43000 43000

Explanation:

The information from the trial balance has been used to construct Rishabh's trading and profit and loss statements for the fiscal year that concluded on March 31, 2020, as well as the balance sheet as of that date. The trade account has been created to display Rishabh's annual gross profit. The net profit/loss rated by Rishabh for the year is shown in the profit and loss account that has been prepared. The balance sheet has been created to reflect Rishabh's assets and liabilities as of March 31, 2020.

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