18. From the following balances, prepare Trading and Profit & Loss Account for the year ending 31st March. 2024 and the Balance Sheet as on that date:
| Debit Balances: | ₹ | Debit Balances (Contd.): | ₹ |
|---|---|---|---|
| Machinery | 4,00,000 | Rent | 45,000 |
| Building | 1,50,000 | Sundry Expenses | 20,000 |
| Debtors | 2,70,000 | Carriage | 15,000 |
| Drawings | 90,000 | Credit Balances: | |
| Purchases | 9,50,000 | Capital | 12,00,000 |
| Wages | 5,00,000 | Creditors | 1,40,000 |
| Bad debts | 10,000 | Sales | 14,50,000 |
| Bank | 1,50,000 | Commission | 10,000 |
| Opening Stock | 2,00,000 |
Closing Stock was of ₹70,000 but its net realisable value (market value) is ₹60,000.
T.S.Grewal/2024 Edition/Practical Problems/Q-18
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 :