From the following balances of M/s Jyoti Exports, prepare trading and profit and loss account for the year ended March 31, 2017 and balance sheet as on this date.

Closing stock Rs. 10,000.
1. To provision for doubtful debts is to be maintained at 5 per cent on sundry debtors.
2. Wages amounting to Rs. 500 and salary amounting to Rs. 350 are outstanding.
3. Factory rent prepaid Rs. 100.
4. Depreciation charged on Plant and Machinery @ 5% and Building @ 10%.
5. Outstanding insurance Rs.100.

Answer

Gross profit Rs. 23,250; Net profit Rs. 15,895; Total balance sheet Rs. 76,945

Explanation

N/a