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Debit Balances :
Debit Balances:
Stock 1-1-2012 6,000 Goodwill 5,000
Salaries 6,000 Wages 100
Drawing 6000 Insurance Premium 600
Carriage Inward 1,000 Bank 8,500
Carriage Outward 500 Credit Balances :
Return Inward 800 Capital 40,000
Loan to X 3,000 Returns Outward 500
Rent 1,200 Loan from Y 5,000
Purchase 60,000 Rent Outstanding 100
Debtors 30,000 Creditors 13,000
Advertisement 3,000 Liabilities for Other Expenses  1900
Bad Debts 500 Provision for Bad Debts 1000
Discount 600 Discount 300
Cash 200 Sales 73700
Furniture 3,000 Rent by sub-letting 500

From the following balances extracted from the books of Mr. Rati Ram Saboo and the subjoined information, you are required to prepare the Profit and Loss Account for the year ended on 31st Match, 2013 and also the Balance Sheet as on that date.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M91984111

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