10. From the following information, prepare Profit & Loss Account of Gurman for the year ended 31st March, 2024:
| ₹ | ₹ | ||
|---|---|---|---|
| Salaries and Wages | 30,000 | Advertising | 10,000 |
| Commission Paid | 2,000 | Discount Allowed | 18,000 |
| Postage and Courier | 1,500 | Rent Received | 17,000 |
| Insurance | 3,000 | Interest on Investment | 15,000 |
| Interest Paid | 4,000 | Bad Debts | 9,000 |
| Carriage Outwards | 5,000 | Travelling Expenses | 950 |
The Gross Profit was 45% of Sales, which amounted to 6,50,000.
Also pass the Journal entries.
T.S.Grewal/2024 Edition/Practical Problems/Q-10
For full question, please refer to the text book T.S.Grewal’s Double Entry Book Keeping-Financial Accounting, Textbook for CBSE Class XI published by Sultan Chand & Sons Pvt. Ltd.
Answer :