Please solve this question

Dear Student

 

Trading Account
Debit					Credit
Particulars		Amount	Particulars		Amount
Opening Stock		15,000
Purchases	116,000		Sales	185,000
Less : Purchase return	0	116,000	Less : sales Returns	0	185,000
Fuel power and Lighting		12,000	Closing Stock		30,000
Manufacturing Wages		8,000
Gross Profit		64,000
		215,000			215,000

 

Profit and Loss Account
Debit					Credit
Particulars		Amount	Particulars		Amount
Salaries		11,000
Rent		4,000	Gross Profit		64,000
Provision for Discount on Debtors	(33,000 x 2%)	660	Rent Income		600
			Interest on X's Loan		300
			Apprentice premium		4,500
Net profit		53,740
		69,400			69,400

 

Balancesheet
Liabilities		Amount	Assets		Amount
Capital	100,000		Cash in hand		19,500
Add : Net Profit	53,740		Loan To X		5,000
Less : Drawings	0		Debtors	33,000
Less : Income Tax	(5,500)		Less : Provision for Discount	660	32,340
Add : Interest on Capital	0		B/R		6,000
Less :interest on Drawings	0	148,240	Furniture A/c		5,000
			Closing Stock		30,000
			Plant		72,000
B/P		1,600
Creditors		20,000
		169,840			169,840

Please note that at the year-end the sales and purchases which were not recorded in the books are considered to be credit sales and purchase and upon their adjustment, Corresponding Debtors and creditors are also increased.


Regards