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Trial Balance of Chatter Sen on 31st March, 2023 revealed the following balances:

   

Debit Balances:

Machinery

Purchases

Sales Return

Opening Stock

Discount Allowed

Bank Charges

Sundry Debtors

Salaries

Wages

Freight In

Freight Out

 

10,00,000

5,80,000

10,000

4,00,000

3,500 750

4,50,000

68,000

1,00,000

7,500

12,000

Debit Balances (Contd.):

Rent

Insurance

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Cash at Bank

Credit Balances:

Capital A/c

Sales

Purchases Return

Discount Received

Loan

Sundry Creditors

 

20,000

10,000

10,000

69,000

 

12,00,000

12,70,000

12,750

8,000

50,000

2,00,000

Stock on 31st March, 2023 was ₹ 3,50,000 at cost and its net realisable value (market value) was ₹ 4,00,000.

Prepare Trading and Profit & Loss Account for the year ended 31st March, 2023 and Balance Sheet as at that date:

[Gross Profit – ₹ 5,35,250; Net Profit – ₹ 4,19,000; Balance Sheet Total – ₹ 18,69,000.]

Anurag Pathak Changed status to publish October 12, 2023