4. Briefly describe meaning, need and objective of Accounting standards in India and explain in what context they differ from International Accounting Standard (IAS). 5. Describe Generally Accepted Accounting Principles (GAAP) with the help of suitable examples. 6. From the following balances draw up a Trading and Profit & Loss Account and Balance Sheet. Particulars Prakash's Capital Bank Overdraft Machinery Cash in hand Fixtures & Fittings Opening Stock Bills Payable Creditors Debtors Bills Receivable Purchases Sales Return from customers Return to creditors Salaries Manufacturing wages Commission and T.A. Trade Expenses Discount (Cr.) Rent The closing stock amounted to RM. 52,000. Amount (RM.) 20,000 5,000 13,400 1,000 5,500 45,000 7,000 40,000 63,000 5,000 50,000 1,29,000 1,000 1,100 9,000 4,000 5,500 1,500 4,000 2,200