Eighth Wonder & Co is engaged in cosmetics business. The trial balance and additional information as on

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Eighth Wonder & Co is engaged in cosmetics business. The trial balance and additional information as on 31st March 2017 are given below. You are required to prepare the profit and loss account for the year and the Balance Sheet as on that date. 

Trial Balance of Eighth Wonder & Company as on 31st March 2017 

Particulars Investments Machinery Furniture Bank Cash Debtors Opening stock Purchase Sales returns Rent paid


Additional Information:

1. Closing stock in hand as on 31st March 2017 is ₹ 625,000. 

2. Goods costing ₹ 90,000 have been sold on approval basis for ₹ 120,000 and included in sales. The approval from the customer is yet to be received. 

3. Provision for doubtful debts to be created at 2%. 

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