Dare Devil & Co is a small scale manufacturing unit. It procures semi­finished goods and sells them after further processing. The trial balance and additional information as on 31st March 2017 are given below. You are required to prepare the Profit and loss A/c for the year and the Balance Sheet as on that date 

Trial Balance of Dare Devil & Co as on 31st March 2017 

Additional Information

1. Commission accrued to be received: ₹ 24,500 

2. Insurance expenses include premium paid amounting to ₹ 15,000 on a machine covering the period from 1st October 2016 to 30th September 2017. 

3. Loan from the bank attracts interest @ 10%. 

4. Write off ₹ 15,000 as bad debts and make a provision for doubtful debts @ 3%. 

5. The stock in hand at the end of the year is valued at ₹ 1,387,250. 

6. Depreciate machinery @ 15% and computer @ 25%. 

7. Expenses outstanding at the year­end amounted to ₹ 32,150. 

Particulars Advertising Bad debts Cash in hand Computers Debtors Discount allowed General expenses Insurance Interest on overdraft Inventories (Opening) Machinery Purchases Power and fuel Rent Sales return Wages and salaries Dr. 326,820 40,852 235,145 514,741 8,824,140 43,576 208,347 54,470 49,023 2,169,267 6,040,195 13,873,509 652,716 449,377 253,285 5,201,885 38,937,348 Particulars Bank overdraft Capital Commission Creditors Loan from bank Sales Sales tax Cr. 768,000 8,878,610 98,046 4,166,955 680,875 23,834,206 510,656 38,937,348