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From the following Trial Balance and Add...

From the following Trial Balance and Additional information of Mr. Gaurav, a proprietory, prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as at that date:

Closing Stock at cost Rs 1,00,000 but its maket value is Rs 88,500

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The correct Answer is:
Gross Profit - Rs 1,06,700; Net Profit - Rs 65,100; Balance Sheet Total - Rs 3,03,200
Income Tax is drawings
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