From the following balances, prepare the trading and profit and loss account and balance sheet as on
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From the following balances, prepare the trading and profit and loss account and balance sheet as on March 31, 2005.
Adjustments 1. Closing stock Rs. 70,000 2. Create a reserve for bad and doubtful debts @ 10% on book debts 3. Insurance prepaid Rs. 50 4. Rent outstanding Rs. 150 5. Interest on loan is due @ 6% p.a.
Transcribed Image Text:
Debit Balances Drawings Cash at bank Bills receivable Loan and Building Furniture Discount allowed Bank charges Salaries Purchases Stock (opening) Sales return Carriage Rent and Taxes General Plant and Machinery Book debts Bad debts Insurance expenses Amount Rs. 6,300 13,870 1,860 42,580 5,130 3,960 100 6,420 1,99,080 60,220 1,870 5,170 7,680 3,630 31,640 82,740 1,250 750 4,74.250 Credit Balances Capital Discount received Loans Purchases return Sales Reserve for bad debts Creditors Amount Rs. 1,50,000 2,980 15,000 1,450 2,81,500 4,650 18,670 4.74,250
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