A firm had two departments, cloth and ready-made clothes. The clothes were made by the firm itself out of cloth supplied by the cloth department at its usual selling price. From the following figures prepare departmental Trading and Profit & Loss Account for the year 1998. Opening stock on January 1, 1998 Purchases Sales Transfer to ready-made clothes dept., Expenses - Manufacturing Selling Stock on December 31, 1998 Cloth Dept., $ 3,00,000 20,00,000 22,00,000 3,00,000 20,000 2,90,000 ready-made Clothes Dept. $ 50,000 15,000 4,50,000 60,000 6,000 60,000 The stocks in the ready-made clothes department may be considered as consisting of 75% cloth and 25% other expenses. The Cloth Dept. earned gross profit at the rate of 18% in 1997. General expenses of the business as a whole came to $. 1,10,000.