Q.14 Profit & Loss A/c. and Balance Sheet of SIDHARTH LTD. for the year ended 31st March, 2007: j24 Trading Profit & Loss Account for the year ended 31st March 2007 Dr. Cr. Particulars Rs. Particulars Rs. To Opening Stock 70,000 By Sales 9,00,000 To Purchases 5,40,000 By Closing Stock 80,000 To Wages 2,14,000 To Gross Profit cld 1,56,000 9,80,000 9,80,000 To Salaries 26,000 By Gross Profit b/d 1,56,000 To Rent 5,000 By Interest on Investment 5,000 To Miscellaneous Exp. 15,000 To Selling Exp. 10,000 To Depreciation 30,000 To Interest 5,000 To Provision for Tax 20,000 To Net Profit c/d 50,000 1,61,000 1,61,000 Balance Sheet as on 31st March, 2007 Rs. 1,30,000 1,00,000 Liabilities Rs. Assets Equity Share Capital 1,50,000 Fixed Assets 1,60,000 (Rs. 10) (-) Depreciation 30,000 8% Preference Share 1,00,000 Investment Capital (Rs. 100) Reserve & Surplus 62,000 Stock 10% Debenture 50,000 Debtors Bank Loan (Payable 40,000 Bills Receivable after 5 years) 80,000 60,000 50,000 85.000 5,000 Creditors Provision for Tax (C.Y.) Bank Overdraft Proposed Pref. 60,000 Cash 20,000 Preliminary Expenses 20,000 8,000