970 Illustration 31 Following is the Trial Balance of X as on 31.3.2017. You are required to prepare Trading and Profit and Loss Account for the year ended 31.3.2017 and a Balance Sheet as on that date. Particulars Dr. (3) Cr. (3) Capital 60,000 Plant and Machinery 18,000 Depreciation on Plant and Machinery 2.000 Repairs to Plant 1.600 Wages 28.000 Salaries 4.000 Income Tax 500 Cash in Hand 2.000 Land 24,500 Depreciation on Building 2500 Purchases less Returns 1 23.500 Sales 249.000 Bank Overdraft 13,800 Accrued Income 1.500 III 2.000 30.000 3.000 6,000 1,000 Salaries Outstanding Bills Receivable Bills Payable Provision for Bad and Doubtful Debts Bad Debts Discount Received Sundry Debtors Sundry Creditors Opening Stock (1.4.2016) Building 4,000 35,000 23 300 37.000 50,000 TOTAL 3,61,100 3.61,100 Additional information: (1) Stock on 31.3.2017 was 30,000. (2) Write-off 3,000 as bad debts and maintain a provision for bad and doubtful debts at 5% on sundry debtors. (3) Goods costing 5,000 were sent to a customer on "Sale or Approval Basis" on 30.3.2017. These were recorded as actual sales. The rate of gross profit was 1/6th of sales. (4) 31,200 paid as rent of the office were debited to landlord account and were included in sundry debtors. (5) General Manager is to be paid commission at 10% after charging the commission of Works Manager and his own on net profits. (6) Works Manager is to be given commission at 5% after charging commission of General Manager and his own on net profits. Such commission shall be calculated to the nearest multiple of rupee