mmg

Rs. Rs. 53,500 60,000 72,000 39,500 Net Profit The one 1.11.500 1,11,500 Debtors Closing Stock: Raw Materials Work-in-progress Finished Goods Furniture Machinery 40,000 12.000 8,000 5,000 40,000 1,65.000 1.65.000 The following are the Trading and Profit & Loss Account and Balance Sheet of B as on December 31, 2005. Redraw them in proper form, giving reasons for your correction. 920 Amount Rs. 5,59,900 TRADING AND PROFIT AND LOSS ACCOUNT (for the year ending 31st December, 2005) Particulars Amount Particulars Rs. Purchases 4,66,800 Sales Stock 55,110 | Profit on consignment to Salaries 11,010 A & Co; Bombay Bs Drawings 19,170 Interest on Capital Wages 65,590 Stock (1st Jan.) Rent 2,250 Commission received General Expenses 17,470 || Discount received Interest on Loan 3,000 Bad Debts 11,890 Net Profit to B/S 23,740 6,76,030 19,080 7,500 50,310 27,990 11,250 6,76,030 BALANCE SHEET (as on 31 December, 2005) Amount Rs. Liabilities Assets Amount Rs. Creditors Bills Receivable Capital (1-1-2005) Net Profit from P & L A/C 1,95,070 Debtors 1,30, 140 Cash 1,50,000 || Bank 23,740 Loan from Bank Stock (31-12-2005) Bills Payable 4,98,950 2,61,580 960 52,210 75,000 55,110 54,090 4,98,950