The following Trial balance was extracted from the book Gulzar Traders on 31st December, 2007. You are
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Question:
The following Trial balance was extracted from the book Gulzar Traders on 31st
December, 2007. You are required to prepare income statement for the year ended 31st
December, 2007 and a Balance Sheet as at that date:Adjustments:
1. Closing stock is valued at Rs. 19,000.
2. Interest accrued on Investment is Rs. 840.
3. Bad debts reserve is to be maintained at Rs.2,000.
4. Depreciate furniture at 10%.
5. Insurance prepaid is Rs. 200.
6. There is a contingent liability of Rs. 1,000
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