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From the following balances, prepare Trading and Profit & Loss Account for the year ending 31st March, 2023 and the Balance Sheet as on that date:

   

Debit Balances:

Machinery

Building

Debtors

Drawings

Purchases

Wages

Bad Debts

Bank

Opening Stock

4,00,000

1,50,000

2,70,000

90,000

9,50,000

5,00,000

10,000

1,50,000

2,00,000

Debit Balances (Contd.):

Rent

Sundry Expenses

Carriage

Credit Balances:

Capital

Creditors

Sales

Commission

 

45,000

20,000

15,000

 

12,00,000

1,40,000

14,50,000

10,000

Closing Stock was of ₹ 70,000 but its not realisable value (market value) is ₹ 60,000.

[Gross Loss – ₹ 1,55,000; Net Loss – ₹ 2,20,000; Balance Sheet Total – ₹ 10,30,000.]

Anurag Pathak Changed status to publish October 12, 2023
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