From the following Trial Balance of Shradha as on 31st March, 2019, prepare Trading and Profit and Loss Account and Balance Sheet:

Adjustments :
(i) Closing Stock Rs 64,000.
(ii) Wages outstanding Rs 2,400.
(iii) Bad Debts Rs 600.
(iv) Provision for Doubtful Debts to be 5%.
(v) Rent is paid for 11 months.
(vi) Insurance premium is paid per annum, ended 31st May, 2019.
(vii) Loan form the bank was taken on 1st October, 2018.
(viii) Provides Depreciation on machinary @ 10% and on Furniture @ 5%.

Answer

Gross Profit -Rs 82,400; Net Profit -Rs 32,100; Balance Sheet Total - Rs 1,43,400.

Explanation

NA