From the following balances extracted from the books of M/s Rohit Traders, prepare the profit and loss
Question:
From the following balances extracted from the books of M/s Rohit Traders, prepare the profit and loss account and balance sheet in the vertical form as on March 31, 2006.
Adjustments Closing stock Rs. 4,000 Depreciation on Plant and Buildings @ 10%.
Transcribed Image Text:
Debit Balances Opening stock Purchases Debtors Discounts Carriage outwards Drawings Insurance Salaries Investments Motor car Plants Land and Building Carriage inwards Legal charges Audit fee Fuel and Power Wages Return inwards Cash at bank Cash in hand Interest Bad debts Amount Credit Balances Rs. 11,520 81,000 28,000 2,000 6,000 10,500 Sales 1,200 Long-terms loan 30,000 20,000 15,000 40,000 80,000 4,080 3,200 3,200 9,460 10,960 1,360 5,200 Capital Return outwards Creditors Commission 2,000 2,000 1,320 3,68,000 Amount Rs. 1,40,000 400 12,600 5,000 1,98,000 12,000 3,68,000
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Particulars A Net Sales Less Sales return B Cost of goods sold Opening stock Purchase Less Purchases ...View the full answer
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