4:36 0 till Bill 50% Principles of Accounting Practice Questions Question no: 1(b) Prepare the trading profit and loss account of M/s Mohit Traders as on 31 March 2014 and draw necessary Journal entries and balance sheet as on that date : Debit Balances Credit Balances Sales Return outwards Capital Creditor's Bills payable Commission received Amount Rs. 4,00,000 2,000 1,50,000 64,000 20,000 4,000 Opening stock Purchases Cash in hand Cash at bank Return inwards Wages Fuel and Power Carriage inwards Insurance Buildings Plant Patents Salaries Furniture Drawings Rent Debtors Amount Rs. 24,000 1,60,000 16,000 32,000 4,000 22,000 18,000 6,000 8,000 1,00,000 80,000 30,000 28,000 12,000 18,000 2,000 80,000 6,40,000 6,40,000 Adjustments 1. Salaries outstanding 12,000 2. Wages outstanding 6,000 3. Commission is accrued 2,400 4. Depreciation on building 5% and plant 3% 5. Insurance paid in advance 700 6. Closing stock 12.000