I solve it. But can't get correct amount
Dear Student
Regards
| Trading & Profit & Loss A/c | |||
|---|---|---|---|
| for the year ended 31 March 2019 | |||
| Particulars | Amount | Particulars | Amount |
| To Opening Stock | 10000 | By Sales | 53200 |
| To Purchases | 40000 | By Returns | 4500 |
| To Wages | 1800 | By Closing Stock | 27000 |
| To Return Inward | 1200 | ||
| To Gross Profit b/d | 31700 | ||
| 84700 | 84700 | ||
| To Provision on debtors (35000*5%) | 1750 | By gross profit | 31700 |
| To Travelling Exp | 800 | By Rent A/c | 200 |
| To Bad debts | 1200 | By Dividend | 100 |
| To Rent A/c (2000+1500) | 3500 | By Interest on Drawings | |
| To Depreciation (1500+900) | 2400 | (12000*5%*9/12) | 450 |
| To Advertisement A/c (3000-1000) | 2000 | By Discount on Creditors | |
| To Carriage Outward A/c | 1000 | (40000*5%) | 2000 |
| To Discount A/c | 700 | By Interest on Investment | |
| To Net Profit | 21730 | (18000*6%*7/12) | 630 |
| 35080 | 35080 | ||
| Balance Sheet | |||
|---|---|---|---|
| Liabilities | Amount | Assets | Amount |
| Capital | 99700 | Cash | 8000 |
| Less: Drawings | -12000 | Motor Car (18000-900) | 17100 |
| Add: IOD | -450 | Prepaid Advertisement | 1000 |
| Add: Profit | 21730 | Accrued Interest | 630 |
| O/s Rent | 1500 | Debtors | 35000 |
| Bank Loan | 5000 | B/R | 15000 |
| Creditors (40000-2000) | 38000 | Machinery (15000-1500) | 13500 |
| Provision on debtors | 1750 | 6% Investments | 18000 |
| Stock | 27000 | ||
| Bank | 20000 | ||
| 155230 | 155230 | ||
Regards