Prepare trading and P & L Account from given trial balance and adjustments.
Practical problem 9 TS Grewal
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Kindly refer to the attachment for the solution.
Some explanations:-
→ Return outwards is the same as sales return and return inwards is the same as purchases return.
→ The balance of commission is given on the credit side so it is commission received.
→ The liabilities are given on the left side of the balance sheet and the assets are given on the right side.
→ Interest on loan = 12% of 30000 = 3600. Now, some of the interest is paid which equals 2800. Hence, the outstanding interest on loan equals 800 (3600 - 2800).
(Note:- You may prepare Trading A/c and Profit and Loss A/c separately.)
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