Pls solve this problem
Dear Student,
Trading and Profit & Loss A/c for the year ending 31 Mar 2016
Balance Sheet as on 31 Mar 2016
Regards,
Trading and Profit & Loss A/c for the year ending 31 Mar 2016
| Particulars | Amount (in Rs) | Particulars | Amount (in Rs) |
| Opening Stock | 30,000 | Sales | 500,000 |
| Purchases | 225,000 | Closing Stock | 55,000 |
| Gross Profit | 300,000 | ||
| 555,000 | 555,000 | ||
| Salaries | 35,000 | Gross Profit | 300,000 |
| Office Expenses | 5,000 | Interest on Loan from Anwar | 2,250 |
| Discount | 5,000 | ||
| Wages (8,000-1,500) | 6,500 | ||
| Postage & Telegram | 2,000 | ||
| Insurance | 5,000 | ||
| Fuel | 50,000 | ||
| Bad Debts | 15,000 | ||
| Futher Bad Debts | 500 | ||
| Provision for doubtful debts (45,000*10%) | 4,500 | ||
| Freight | 3,000 | ||
| Rent | 7,000 | ||
| Depreciation | |||
| -- Plant & Machinery (1,20,000*20%) | 24,000 | ||
| -- Freehold Property (75,000*15%) | 11,250 | ||
| -- Loose Tools | 3,000 | ||
| Manager's Commission | 11410 | ||
| Net profit | 114,090 | ||
| 302,250 | 302,250 |
Balance Sheet as on 31 Mar 2016
| Liabilities | Amount (in Rs) | Amount (in Rs) | Assets | Amount (in Rs) | Amount (in Rs) |
| Ashok's Capital | 200,000 | Plant & Machinery | 120,000 | ||
| Less: Drawings | -10,000 | Add: New Machinery | 23,500 | ||
| Add: Net Profit | 114,090 | 304,090 | Less: Depreciation | -24,000 | 119,500 |
| Provision for Doubtful Debts | 20,000 | Freehold Property | 75,000 | ||
| Sundry Creditors | 34,000 | Less: Depreciation | -11,250 | 63,750 | |
| Add: Creditors for Machinery | 22,000 | 56,000 | Office Furniture | 25,000 | |
| Bills Payable | 10,000 | Loan to Anwar | 30,000 | ||
| Managers Commission payable | 11,410 | Add: Outstanding Interest (2,250-1,000) | 1,250 | 31,250 | |
| Loose Tools | 12,000 | ||||
| Sundry Debtors | 45,000 | ||||
| Less: Further Bad Debts | -500 | ||||
| Less: Provision for doubtful debts | -4,500 | 40,000 | |||
| Bills Receivable | 50,000 | ||||
| Closing Stock | 55,000 | ||||
| Cash in Hand | 2,000 | ||||
| Cash at Bank | 3,000 | ||||
| 401,500 | 401,500 | ||||
Regards,