Illustration 3 Q24 Prepare Trading and Profit and Loss Account of Sumesh for the year ended 31st March, 2002 from the following particulars. Particulars Dr. Cr. Opening stock 8,000 Rent and rates 300 Trade expenses 600 Sales returns 600 Sales 82,000 Purchases 50,000 300 200 500 40 50 Purchases returns Carriage inwards Wages Discount allowed Discount received Commission Salaries Legal charges Audit fee Bank charges Interest on investments Repairs Postage Closing stock is valued at 1000 10 2,000 50 60 40 260 260 50