Rs. Financial Accounting 5.73 33. On 31st December 1993, the Trial balance of Janakiraman & Co., was as follows: Rs. Credit Balances Debit Balances 1,00,000 Opening Stock 40,000 Capital (fixed) 15,000 Debtors 30,000 Creditors 7,500 Bills Receivable 15,000 Bills Payable 450 Carriage Inward 1,500 Miscellaneous Receipts Wages 2,500 13,000 Commission Salaries 550 10,000 Bad debts Provision Telephone 1,000 Sales 1,67,200 Repairs 350 Purchases 85,000 Cash at Bank 17,000 Plant & Machinery 65,800 Furniture 9,000 Miscellaneous Expenses 350 Depreciation 5,200 2,93,200 2,93,200 The following additional information is to be taken into consideration: (1) Closing Stock amounted to Rs. 50,000. (ii) Bad debts provision to be equal to 1/4% of debtors. (iii) Interest on Capital to be provided for at 2.5% p.a. (iv) Provide outstanding liabilities:- Salaries- Rs. 2,500; Wages - Rs. 1,750; Rent - Rs. 7,500 (v) It was discovered that stock sheets as on 31-12-1992 were over cast to the extent of Rs. 1,000. Prepare Trading & Profit & Loss A/c of the firm for the year ended 31st December 1993 and a balance Sheet as at that date:
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