prepare adjusting entries of each entry, income statement and balance sheet.

Wigns Following is the Trial Balance of Mr. Asif as at 31.12.1993. You are required to prepare Trading and Profit and Loss Account for the year ended 31.12.1993 and a Balance Sheet as on that date after making necessary adjustments: Debit Balances Credit Balances Rs Purchases 60,000 Sales 100,000 Sales Ledger Balances 30,400 Purchases Ledger Balances 23.912 Returns Inward 2,000 Discount Received 1.088 Discount Allowed 2,000 Returns Outward 7.400 Building 44,000 Capital $3,200 Sundry expenses 2,000 Suspense Account 2.000 Repair expense 2,000 Rental Income 1,000 4,000 Provision for Bad Debts 2000 Salaries 6.000 Commission 4.000 Prepaid expense 1.2001 Stock-in-Trade (1.1.1993) 20,000 Trade Expenses 4,000 Insurance 400 Cash Bank 12,6001 Deposit with Bank of Punjab 4,000 194.600 194.600 Adjustments Stock-in-trade on 31.12.1999 was valued at Rs 20,000 (1) Interest receivable from Bank of Punjab is @10% pa ( Out of purchases, goods of Rs 4.000 was distributed as free samples Suspense Account represents a cheque received from Amjad a customer, in settlement of Rs 2.400 due from him. The cheque wis daly deposited and credited by the Bank Maintain provhi forbed dots 5% on Debtors and provision for discount allowed at 29 of debocs