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From the following balances of M/s Nilu Sarees as on 31st March, 2016. Prepare trading and profit and loss account and balance sheet as on date. ParticularsAmt (Rs.)ParticularsAmt (Rs.)Opening Stock10,000Sales2,28,000Purchases78,000Capital 70,000Carriage Inwards 2,500Interest 7,000Salaries30,000Commission 8,000Commission 10,000Creditors 28,000Wages11,000Bills Payable 23,700Rent and Taxes 2,800 Repair 5,000 Telephone Expenses 1,400 Legal Charges 1,500 Sundry Expenses 2,500 Cash in Hand12,000 Debtors30,000 Machinery60,000 Investments90,000 Drawings18,000 Closing stock as on 31st March, 2016 Rs. 22,000. |
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Answer» From the following balances of M/s Nilu Sarees as on 31st March, 2016. ParticularsAmt (Rs.)ParticularsAmt (Rs.)Opening Stock10,000Sales2,28,000Purchases78,000Capital 70,000Carriage Inwards 2,500Interest 7,000Salaries30,000Commission 8,000Commission 10,000Creditors 28,000Wages11,000Bills Payable 23,700Rent and Taxes 2,800 Repair 5,000 Telephone Expenses 1,400 Legal Charges 1,500 Sundry Expenses 2,500 Cash in Hand12,000 Debtors30,000 Machinery60,000 Investments90,000 Drawings18,000 Closing stock as on 31st March, 2016 Rs. 22,000. |
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