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The following balances have been extract...

The following balances have been extracted from the books of M/s Green House for the year ended March 31, 2017, prepare trading and profit and loss account and balance sheet as on this date.

Adjustments :
(a) Machinery is depreciated at 10% and buildings depreciated at 6%.
(b) Interest on capital @ 4%.
(c) Outstanding wages Rs. 50.
(d) Closing stock Rs. 50,000.

Text Solution

Verified by Experts

The correct Answer is:
Gross profit Rs. 83,750; Net profit Rs. 52,750; Total balance sheet Rs. 3,27,700
N/a
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