Prepare the trading and profit and loss account and balance sheet of M/s Control Device India on December 31, 2006 from the following balance as on that date.

Closing stock was valued Rs. 20,000.

(a) Interest on capital @ 10%.

(b) Interest on drawings @ 5%.

(c) Wages outstanding Rs.50.

(d) Outstanding salary Rs.20.

(e) Provide a depreciation @ 5% on plant and machinery.

(f) Make a 5% provision on debtors.

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Account Title Drawing and Capital Purchases and Sales Salary and Commission Carriage Plant and Machinery Furniture Opening Stock Insurance Premium Interest Bank Overdraft Rent and Taxes Wages Returns Carriage Outwards Debtors and Creditors General Expenses Octroi Investment Amt. (Dr) 19, 530 45,000 25, 470 2,700 27,000 6,750 42,300 2,700 Amt. (Cr) 67,500 1, 12, 500 1,575 7,425 24, 660 2,160 11, 215 2,385 1,485 36,000 6,975 530 41,400 2,73,600 2, 73, 600 1,440 58, 500