From the following information extracted from the books of Mr.Atul on

31- 3-2020, you are required to prepare Trading and Profit & Loss Account for

the year ended on 31-3-2020 and the Balance Sheet after making necessary

adjustments on that date:

Debit Credit

Details Amount Details Amount

Rs. Rs.

Stock as on 1-4-2019 7,40,000 Sundry Creditors 4,66,000

Sundry Debtors 7,00,000 Bills Payable 60,000

Bad Debts 20,000 Sales 50,00,000

Building 10,00,000 Capital Account 12,00,000

Accrued Income 30,000 Bank Overdraft 2,56,000

Bills Receivable 6,00,000 Salaries Outstanding 40,000

Plant and Machinery 3,60,000 Discount 80,000

Depreciation on Plant Provision for doubtful

and Machinery 40,000 Debts 1,20,000

Repairs to Plant 32,000

Salaries 80,000

Wages 5,60,000

Income Tax 10,000

Cash in Hand 40,000

Land 4,90,000

Depreciation on Building 50,000

Purchases Less Returns 24,70,000

Total 72,22,000 Total 72,22,000

Additional Information:

(a.) On 31-3-2020, the cost of the stock was Rs.7, 00,000 and its realizable value was Rs. 6, 00,000.

(b.) Write off Rs.60,000 bad debts and maintain a provision for doubtful debts of 5% on sundry

debtors.

(c.) Goods costing Rs. 1,00,000 were sent to a customer on 'Sale on Approval Basis' on 30-3-2020.

These were recorded as actual sales. The rate of gross profit was 20% of sale.

(d.)Rs. 24,000 paid as rent of the office were debited of Landlord's Account and were included

in sundry debtors.

(e.)Works Manager is to be given @ 5% commission after charging commission of General

Manager and his own on net profits