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Reference no: EM132525971

The following are the balances taken from the books of meena ltd. On 31st december 2011:

Stock on 1-1-2011 15,000                                      Salaries 800 Debtors 5,000

Bank account 3,400                                               Wages 8,000

Rent 2,000                                                           Creditors 6,000

Bad debts reserve 175

Sales 40,000                                                         Discount allowed 250

P&l a/c 3,500                                                        Bad debts 150

Returns inward 500                                                General expenses 1,300

Purchases 6,000                                                     Insurance 300

Plant 18,000                                                             Dividend (interim) 575

Discounts earned 200                                                 Capital 12,000

Cash in hand 600

Adjustments:

Closing stock was valued at rs.9,000. Rs.500 still due to labourers. Insurance unexpired rs.50.

Question 1: Show for a bad debts reserve of 5% and a reserve for discount at 1%. Prepare trading and profit and loss account as at 31st December 2011.

Reference no: EM132525971

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