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The following balances were extracted fr...

The following balances were extracted from the books of M/s Panchsheel Garments on March 31, 2017.

Prepare the trading and profit and loss account for the year ended March 31, 2017 and a balance sheet as on that date.
(a) Unexpired insurance Rs. 1,000.
(b) Salary due but not paid Rs. 1800.
(c) Wages outstanding Rs. 200.
(d) Interest on capital 5%.
(e) Scooter is depreciated @ 5%.
(f) Furniture is depreciated @ 10%.
(g) Closing stock was Rs. 15,000.

Text Solution

Verified by Experts

The correct Answer is:
Gross profit Rs. 39,200 ; Net profit Rs. 22,780; Total balance sheet Rs. 1,03,280
N/a
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