Prepare the trading and profit and loss account and balance sheet of M/s Control Device India on March 31, 2017 from the following balance as on that date.

Closing stock was valued Rs. 20,000.
(a) Interest on capital @ 10%.
(b) Interest on drawings @ 5%.
(c) Wages outstanding Rs. 50.
(d) Outstanding salary Rs. 20.
(e) Provide a depreciation @ 5% on plant and machinery.
(f) Make a 5% provision on debtors.

Answer

Gross profit Rs. 29,760; Net loss Rs. 8,973; Total balance sheet Rs. 1,28,000

Explanation

N/a