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solution Financial (With You are to Trnding nnd & and March, considering the following O) Closing Stock was valued at 96,000, (ii) Salaries outstanding aro 7.000. (iii) Prepaid insurance (iv) Stationery bill outstanding 1.200. Expenses Due and Income Accrued 2. Sri Jai Prakash has supplied to you the following trial balance as on 31st Marc 2011 : particulars Capital Loan Debtors Creditors Purchases Sales Returns — Wages Cash in H Interest on Loan Furniture — Packing Expenses on Purchases Drawings Machine Commission Bank Overdraft Production Tax — Establishment Charges Bills payable Adjustments : (i) Closing Stock was valued ate 11,000. (ii) Wages not yet paid amounted 500. (iii) Commission earned but not received is 800. 10,000 15,000 25,000 2,000 3,000 2.000 12,000 2500 10.000 30,000 32m 2,900 1,18.500 16T 5gco You are required to prepare Trading and profit & LOSS Account and Balance Sheet on March, 2011. Expenses Prepaid and Income Received in Advance 3. The following trial balance is extracted from the books Of Amritsar Steel Store for the ear endin 31st March 2011. Iedger Accounts Opening Stwk•• Purchases sales Returhs:— Debi! 40,000 1.75m) 4.00,c00