Prepare trading and profit & loss account and balance sheet from the following trail balance given in photo.
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Refer to the attachment for the solution.
Some explanation:-
→ Adjustmented purchases = Opening Stock + Net Purchases - Closing Stock
Since adjusted purchases is given in the trial balance, there is no need to write opening stock, net purchases and closing stock in the trading account.
→ There is credit balance for commission which means that it is commission received. Hence, it is mentioned in the credit side of P&L A/c.
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