20. From the following balances as on 31st March, 2024, prepare Trading and Profit & Loss Account and Balance Sheet:
| ₹ | ₹ | ||
|---|---|---|---|
| Capital Account | 1,00,000 | Returns Outward | 5,000 |
| Plant and Machinery | 40,000 | Rent | 4,000 |
| Sundry Debtors | 24,000 | Sales | l,64,000 |
| Sundry Creditors | 19,000 | Manufacturing Expenses | 8,000 |
| Life insurance Premium | 12,000 | General Expenses | 7,500 |
| Purchases | 1,05,000 | Bad Debts | 2,000 |
| Wages | 50,000 | Carriage | 1,500 |
| Bank | 10,000 | Returns Inward | 4,000 |
| Stock (1st April, 2023) | 20,000 |
Closing Stock on 31st March, 2024 was valued at 14,500.
T.S.Grewal/2024 Edition/Practical Problems/Q-20
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 :