Trial balance of a business as at 31st March, 2019 is given below:


Prepare Trading and Profit and Loss Account for the year ened 31st March, 2019 and Balance Sheet as at that date after taking into account the following adjustments:
(i) Closing Stock was valued at Rs 7,000.
(ii) Outstanding liabilites for wages were Rs 600 and salaries Rs 1,400.
(iii) Depreciation is to be provided @ 5% p.a. on fixed assets.
(iv) Plant and Machinery includes a machine purchased for Rs 10,000 on 1st October, 2018.
(v) Insurance premium paid in advance Rs 200.

Answer

Gross Profit -Rs 77,300; Net Profit -Rs 38,050; Balance Sheet Total - Rs 2,30,050.

Explanation

NA