Progressive Enterprise Trial Balance As at 30 th June, 2021 Particulars Dr. Balances Cr. Balances Land and building 50,000.00 Purchases 2,10,000.00 Opening stock 45,000.00 Returns inward 1,500.00 Returns outward 2,500.00 Wages 45,300.00 Salaries 39,000.00 Office expenses 15,400.00 Carriage inwards 1,200.00 Carriage outwards 2,000.00 Discount allowed 750.00 Discount received 1,200.00 Bad debts 1,200.00 Sales 3,85,000.00 Capital account 1,15,000.00 Loan 25,000.00 Insurance 1,500.00 Commission 1,500.00 Plant and machinery 50,000.00 Furniture and fixtures 20,000.00 Notes receivable 20,000.00 Accounts receivables 40,000.00 Accounts payable 25,000.00 Cash at bank 16,000.00 Office equipments 12,000.00 Notes payable 12,350.00 Expenses payable 3,300.00 Total 5,70,850.00 5,70,850.00

Required : Prepare necessary closing journals entries.