From the following Trial Balance of Global Enterprises, Prepare Trading and Profit and Loss Account for the year ended 31/03/2020 and a Balance sheet as on that date: [12 Marks] Adjustments- 1. Closing stock Rs 3,40,000 (Market value-Rs 4,00,000). 2. Outstanding wages are Rs 24,000. 3. Depreciate Land and building @ 10% p.a. and machinery @ 20% p.a. 4. Amortize goodwill @ 25% p.a. 5. Create a provision for discount on debtors @5%. 4. 6. Unrecorded purchases amounted to Rs. 10,000. The same were included in the stock valuation. 7. Repairs include a crucial part of machine costing Rs 48,000 replaced on 01.10.2019. Particulars Amount (Dr) Particulars Amount (CT) Opening stock 1,80,000 Capital 10,00,000 Purchases 12,60,000 10% Bank Loan (borrowed on 01.10.2019) 8,00,000 Factory rent 90,000 Sales 30,40,000 Wages 56,000 Creditors 4,40,000 Salaries 1,40,000 Returns Outward 15,900 Land and buildings 20,00,000 Bills payable 90,000 Goodwill 4,00,000 Output IGST 14,000 Machinery 6,00,000 Provision for doubtful debts 1,000 Repairs 60,000 Long term investments 72,000 Office rent 2,40,000 Interest on bank loan 40,000 and distribution 15,000 Selling expenses Travelling expenses 44,000 Debtors 1,31,500 Bank 7,400 Drawings 60,000 Bank charges 5,000 Total 54,00,900 Total 54,00,900