70,00.000 5 X Total current = assets Total current = assets 70,00,000/5 Rs. 14.00,000 Other current assets 8 Total current = assets - Stock 14,00,000 - 1,00,000 Rs. 13,00,000 Trading and Profit and Loss Account of Sri Anand for the year ended Particulars By sales Rs. 10,00.000 Particulars Rs. To cost of sales (bal. 7,50,000 figure To gross profit 2.50,000 10,00,000 To Expenses (bal. figure) 50,000 To Net profit 2.00.000 2,50,000 10,00.000 By Gross profit 2,50,000 2,50.000 Balance Sheet of Shri Anand as at ........ Liabilities Rs. Assets Rs. Capital Fixed 10,00.000 assets Opening 6,00,000 Current balance assets Add 2,00,000 8,00,000 Stocks 1,00,000 Profit Total 16.00,000 Others 13.00.000 14.00.000 liabilities 24,00.000 24,00,000 8 Illustration 6 The Trading and Profit and Loss Account of SKSS Ltd., for the year ended 31" March, 2007 are given below Particulars Rs. Particulars Rs. To opening stock 2,50,000 By Sales 24,00,000 To Purchases 10,50,000 By Closing stock 1,50,000 To Wages 4,00.000 To Factory 2,00,000 expenses To Gross profit c/d 6,50.000 25,50,000 25,50.000 To Administration 2,30,000 By Gross Profit b/d 6.50.000 expenses To Selling and 1,00,000 Miscellaneous 50,000 distribution Income expenses To interest 20,000