21. Trial Balance of Chatter Sen on 31st March, 2024 revealed the following balances:
| Debit Balances: | ₹ | Debit Balances (Contd.): | ₹ |
|---|---|---|---|
| Machinery | 10,00,000 | Rent | 20,000 |
| Purchases | 5,80,000 | Insurance | 10,000 |
| Sales Return | 10,000 | Advertisement | 10,000 |
| Opening Stock | 4,00,000 | Cash at Bank | 69,000 |
| Discount Allowed | 3,500 | Credit Balances: | |
| Bank Charges | 750 | Capital A/c | 12,00,000 |
| Sundry Debtors | 4,50,000 | Sales | 12,70,000 |
| Salaries | 68,000 | Purchases Return | 12,750 |
| Wages | 1,00,000 | Discount Received | 8,000 |
| Freight In | 7,500 | Loan | 50,000 |
| Freight Out | 12,000 | Sundry Creditors | 2,00,000 |
Stock on 31st March, 2024 was ₹3,50,000 at cost and its net realisable value (market value) was ₹4,00,000.
Prepare Trading and Profit & Loss Account for the year ended 31st March, 2024 and Balance Sheet as at that date.
T.S.Grewal/2024 Edition/Practical Problems/Q-21
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 :