From the following balances extracted from the books of Raga Ltd. prepare a trading and profit and loss account for the year ended March 31, 2017 and a balance sheet as on that date.

The additional information is as under :
1. Closing stock was valued at the end of the year Rs. 20,000.
2. Depreciation on plant and machinery charged at 5% and land and building at 10%.
3. Discount on debtors at 3%.
4. Make a provision at 5% on debtors for doubtful debts.
5. Salary outstanding was Rs. 100 and Wages prepaid was Rs. 40. 6. The manager is entitled a commission of 5% on net profit after charging such commission.

Answer

Gross profit Rs. 21,240; Net profit Rs. 12,664; Total balance sheet Rs. 2,23,377; Manager commision Rs. 633

Explanation

N/a