14. From the following balances of M/s Nilu Sarees as on March 31, 2017. Prepare trading and profit and loss account and balance sheet as on date.

Account Title Debit Amount (₹) Account Title Credit
Amount (₹)
Opening stock 10,000 Sales 2,28,000
Purchases 78,000 Capital 70,000
Carriage inwards 2,500 Interest 7,000
Salaries 30,000 Commission 8,000
Commission 10,000 Creditors 28,000
Wages 11,000 Bills payable 2,370
Rent & taxes 2,800
Repairs 5,000
Telephone expenses 1,400
Legal charges 1,500
Sundry expenses 2,500
cash in hand 12,000
Debtors 30,000
Machinery 60,000
Investments 90,000
Drawings 18,000

Closing stock as on March 31, 2017 ₹22,000.

NCERT/Rationalised 2023-24/Numerical Questions/Q-14

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