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Prepare the trading and profit and loss account

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Problem 1: Prepare the trading, profit and loss account and balance sheet from the following figures of Usman Corporation for the period ended on 31st December, 2021. Closing stock is Rs. 55,000

Interim divided paid              3750
Purchase                          92,500
Preliminary Expenses          2500
Freight                              6550
Director,s fees                      2870
Bad Debts                               1055
6% Debentures                   150,000
Premises                           150,000
Plant & Machinery                180,000
Sundry debtors                     43,500
Goodwill                                12,500
Cash in hand                           4125
Wages                                     43400
General Expenses                       8450
Salaries                                   7250
Stock (1.1.2020)                      37500
Fixtures                                 3600
General Reserves                   2500
4% Government Securities        0000
Debenture interest              4500
Share Capital (fully Called)         230,000
Bills Payable                       19,000
Sales                                  207,500
Provision of bad debts            1750
Profit & loss account (cr)       7250
Sundry Creditors                    25000

Reference no: EM132668781

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