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From the following balances prepare Trad...

From the following balances prepare Trading and Profit and Loss Account and the Balance Sheet:

Closing Stock was of Rs 70,000 but its net realisable value estimated at Rs 60,000

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The correct Answer is:
Gross Loss - Rs 1,55,000; Net Loss - Rs 2,20,000; Balance Sheet Total - Rs 8,30,000
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