Prepare trading and profit and loss account of M/s Sports Equipments for the year ended March 31, 2006 and balance sheet as on that date :

Closing stock as on March 31, 2006 Rs.2,500

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Account Title Opening stock Purchases and sales Sales returns Capital Commission Creditors Bank overdraft Cash in hand Furniture Debtors Plants Carriage on purchases Wages Rent Bad debts Drawings Stationery Travelling expenses Insurance Discount Office expenses Debit Amount Rs. 50,000 3,50,000 5,000 32,000 1,28,000 1,40,000 60,000 12,000 8,000 15,000 7,000 24,000 6,000 2,000 7,000 5,000 2,000 Credit Amount Rs. 4,21,000 3,00,000 4,000 1,00,000 28,000