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:
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:
|  | ₹ |  | ₹ |
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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
