The following balances were extracted from the books of M/s Panchsheel Garments on December 31, 2005. Prepare
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The following balances were extracted from the books of M/s Panchsheel Garments on December 31, 2005.
Prepare the trading and profit and loss account for the year ended December, 31 and a balance sheet as on that date.
(a) Unexpired insurance Rs 1,000.
(b) Salary due but not paid Rs. 1800.
(c) Wages outstanding Rs. 200.
(d) Interest on capital 5%.
(e) Scooter is depreciated @ 5%.
(f) Furniture is depreciated Rs.@ 10%.
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