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Trial Balance of a Business as at 31st March, 2023 is given below:

Particulars Dr. (₹) Particulars Cr. (₹)

Stock on 1st April, 2022

Furniture

Plant and Machinery

Debtors

Wages

Salaries

Bad Debts

Purchases

Electricity Charges

Telephone Charges

General Expenses

Postage Expenses

Returns Inward

Insurance Premium

Cash In Hand

Cash at Bank

25,000

8,000

1,50,000

30,000

12,000

20,000

1,000

1,20,000

1,200

2,400

3,000

1,800

900

1,500

2,500

40,000

Sales

Commission

Returns Outward

Creditors

Capital

2,27,800

500

1,000

40,000

1,50,000

  4,19,300   4,19,300

Prepare Trading and Profit & Loss Account for the year ended 31st March, 2023 and Balance sheet as at that date after taking into account the following adjustments:

(i) Closing Stock was valued at ₹ 7,000.

(ii) OUtstanding liabilities for wages were ₹ 600 and salaries ₹ 1,400.

(iii) Depreciation is to be provided @ 5% p.a. on fixed assets.

(iv) Plant and Machinery includes a machine purchased for ₹ 10,000 on 1st October, 2022.

(v) Insurance premium paid in advance ₹ 200.

[Gross Profit – ₹ 77,300; Net Profit – ₹ 38,050; Balance Sheet Total – ₹ 2,30,050.]

Anurag Pathak Changed status to publish October 12, 2023
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