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.
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