prepare Trading and P/L Account and Balance sheet for the above question

(iv) Commission received but not earne Rs. 1,000 (v) Bad debt written off Rs. 5,000 anc create a Provision for bad debts against Sundry Debtors by 3% (vi) 1/5 th of the advertisement is to be carried forward. Or (b) (i) Explain the importance of Accounting Concepts and Convention. Also mention some of Accounting Conventions. 7 (ii) Explain the scope and importance of Financial Accounting. 7 (a) (i) Prepare Store Ledger Account considering the following transactions under LIFO method. IIIle Adjustments : (i) Stock as on 31 st March 2012 Raw Materials : Rs. 30,000 Work-in-Progress : Rs. 40,000 I.1.2010 1.1.2010 II). 1.201 15.1.201 (ii) Wages paid in advance Rs. 20,000 20.1 .201 (a) The Trial Balance of M/s. Agarwala Commercial as on 31st March, 2015 was as follows : 14