Given below is the Trial Balance of Mrs. Vandana as on 31st March, 2013.
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Explanation:
Furniture= 5% depreciate
value of furniture 400
prepaid insurance = 300
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Concept
Trading and profit and loss account is an account which calculates the gross profit and net profit of the firm.
Balance sheet is a statement which is used to keepa record of assets and liabilities of the firm.
To do
Make a trading and profit and loss account a balance sheet of the given trial balance.
Explanation
First we have to consider that the adjustments needs to b done in trading and profit and loss account and in balance sheet regarding closing stock and depreciation.
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