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Prepare the profit account and balance sheet

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Reference no: EM132964327

Prepare the Profit/Loss account and Balance Sheet from the given information:

Trial Balance for the period of 31st March. 20XX

Ledger accounts - Amount Dr. - Amount Cr.

Loose tools - 56,000

Cash - 24,000

Debtors - 86,000

Rent - 4,000

Machinery - 2,60,000

Furniture - 86,000

Creditors - 48,000

Capital - 3,40,000

Loan from a friend, Sam - 80,000

Sales - 1,80,000

Purchase - 1,00,000

Commission - 20,000

Salary - 10,000

Sales returns - 10,000

Grand Total - Amount Dr - 6,52,000, Amount Cr. - 6,52,000

Additional information:

1) Closing stock Rs 50,000

2) Outstanding salary Rs 2,000

3) Bad debts on debtors Rs 6,000

4) Depreciation on Machinery @10% p.a.

Reference no: EM132964327

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