2. Prepare Trading and Profit & Loss Account and Balance Sheet from the following balances relating to the year ended 31st March, 2024:
| ₹ | ₹ | ||
|---|---|---|---|
| Capital | 1,00,000 | Bank | 10,000 |
| Creditors | 17,000 | Repairs | 500 |
| Returns Outward | 5,000 | Stock on 1st April, 2023 | 20,000 |
| Sales | 1,64,000 | Rent | 4,000 |
| Plant and Machinery | 40,000 | Manufacturing Expenses | 8,000 |
| Sundry Debtors | 24,000 | General Expenses | 7,000 |
| Drawings | 10,000 | Bad Debts | 2,000 |
| Purchases | 1,05,000 | Carriage Inwards | 1,500 |
| Returns Inward | 3,000 | Electricity Expenses (Factory) | 1,000 |
| Wages | 50,000 |
Additional Information:
(i) Closing Stock was valued at ₹14,500
(ii) Depreciate Plant and Machinery by ₹4,000.
(iii) Write off Bad Debts ₹5,000.
(iv) ₹400 is due for repairs.
T.S.Grewal/2024 Edition/Practical Problems/Q-02
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.