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From the following, prepare Profit & Loss Account of Gurman for the year ended 31st March, 2023:

   

Salaries and Wages

Commission Paid

Postage and Courier

Insurance

Interest Paid

Carriage Outwards

30,000

2,000

1,500

3,000

4,000

5,000

Advertising

Discount Allowed

Rent Received

Interest on Investment

Bad Debts

Travelling Expenses

10,000

18,000

17,000

15,000

9,000

950

The Gross Profit was 45% of Sales. Which amounted to ₹ 6,50,000.

[Net Profit – ₹ 2,41,050.]

Also Pass the Journal entries.

Anurag Pathak Changed status to publish October 12, 2023
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