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From the following balances, prepare the...

From the following balances, prepare the trading and profit and loss account and balance sheet as on March 31, 2017.

Adjustments
1. Closing stock Rs. 70,000 Rs. 2. Create a reserve for bad and doubtful debts @ 10% on book debts Rs. 3. Insurance prepaid Rs. 50
4. Rent outstanding Rs. 150
5. Interest on loan is due @ 6% p.a.

Text Solution

Verified by Experts

Trading and Profit and Loss Account
for the year ended March 31, 2017

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