Trial balance of a business as at 31st March, 2019 is given below: Prepare Trading and Profit
Channel: Doubtnut
Date: 2020-03-29

Trial balance of a business as at 31st March, 2019 is given below: Prepare Trading and Profit and Loss Account for the year ened 31st March, 2019 and Balance Sheet as at that date after taking into account the following adjustments: (i) Closing Stock was valued at Rs 7,000. (ii) Outstanding liabilites for wages were Rs 600 and salaries Rs 1,400. (iii) Depreciation is to be provided @ 5% p.a. on fixed assets. (iv) Plant and Machinery includes a machine purchased for Rs 10,000 on 1st October, 2018. (v) Insurance premium paid in advance Rs 200.