12. The following balances were extracted from the books of M/s Panchsheel Garments on March 31, 2017.
| Account Title | Debit Amount ₹ | Account Title | Credit Amount ₹ |
|---|---|---|---|
| Opening stock | 16,000 | Sales | 1,12,000 |
| Purchases | 67,600 | Return outwards | 3,200 |
| Return Inwards | 4,600 | Discount | 1,400 |
| Carriage inwards | 1,400 | Bank overdraft | 10,000 |
| General expenses | 2,400 | Commission | 1,800 |
| Insurance | 4,000 | Creditors | 16,000 |
| Scooter expenses | 200 | Capital | 50,000 |
| Salary | 8,800 | ||
| Cash in hand | 4,000 | ||
| Scooter | 8,000 | ||
| Furniture | 5,200 | ||
| Building s | 65,000 | ||
| Debtors | 6,000 | ||
| Wages | 1,200 | ||
| Total | 1,94,400 | Total | 1,94,400 |
Prepare the trading and profit and loss account for the year ended March 31, 2017 and a balance sheet as on that date.
(a) Unexpired insurance ₹1,000.
(b) Salary due but not paid ₹1800.
(c) Wages outstanding ₹200.
(d) Interest on capital 5%.
(e) Scooter is depreciated @ 5%.
(f) Furniture is depreciated ₹@ 10%.
(g) Closing stock was ₹ 15,000.
NCERT/Rationalised 2023-24/Numerical Questions/Q-12