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Prepare Trading and Profit & Loss Account for the year ended 31st March, 2023 and Balance Sheet as at that date from the following balances taken from the books of Vijay on 31st March, 2023 after giving effect to the following adjustments:

(i) Stock as on 31st March, 2023 was valued at ₹ 2,30,000.

(ii) Write off further ₹ 1,800 as Bad Debts and maintain the Provision for Doubtful Debts at 5%.

(iii) Depreciate Machinery at 10%.

(iv) Provide ₹ 7,000 as outstanding interest on loan.

Particulars Particulars

Capital

Drawings

General Expenses

Building

Machinery

Stock on 1st April, 2021

Insurance

Wages

Debtors

Creditors

Bad Debts

2,45,000

20,000

47,400

1,10,000

93,400

1,62,000

13,150

72,000

62,800

63,500

5,500

Loan

Sales

Purchases

Motor Car

Provision for Doubtful Debts

Commission (Cr.)

Car Expenses

Cash Bank

Overdraft Charity

78,800

6,53,600

4,70,000

20,000

9,000

13,200

18,000

800

33,000

1,050

[Gross Profit – ₹ 1,70,600; Net Profit – ₹ 95,510; Balance sheet Total – ₹ 5,02,810.]

Anurag Pathak Changed status to publish October 13, 2023