correct answer

The following is the Balance Sheet of Manish and Suresh as on 15 April, 2019: Liabilities Assets Capital Accounts: Building 1,00,000 Manish 1,50,000 Machinery 65,000 Suresh 75,000 Stock 40,000 Creditors for goods Creditors for expenses 30,000 Debtors 25,000 Bank 50,000 25,000 2,80.000 2.80.000 They give you the following additional information: (1) Sales and purchases for the year ended 31st March, 2019 were 3,00,000 and 3 2,40,000 respectively. (ii) Stock level is maintained uniformly in value throughout all over the year. (ii) Depreciation on machinery is charged @ 10%, Depreciation on building @ 5% in the current year. (iv) Sales in the current year will increase by 43.75% in volume. (1) Rate of gross profit remains the same. (vi) Business Expenditures are 3 50,000 for the year and all expenditures are paid in cash. (vii) All sales and purchases are on credit basis and there are no cash purchases and sales. You are required to prepare Trading and Profit and Loss Account for the year ended 31.03.2020