Question: 2 Following is the Trial Balance of M/s Brijesh and Sons. Prepare final accounts for the year ended on 31st March 2015. Particulars Debit (Rs.)Credit (Rs.) Stock as on 01-04-2014 2,00,000 Purchases and Sales 22,00,000 35,00,000 Blils receivables 50,000 Returns 100,000 50,000 Carriage Inwards 50,000 Debtors and Creditors 200,000 4,00,000 Carriage Outwards 40,000 Discounts 5,000 5,000 Salaries and wages 2,20,000 Insurance 60,000 Rent 60,000 Wages and salaries 80,000 Bad debts 10,000 Furniture 4,00,000 Brijesh's capital 5,00,000 Brijesh's drawing 70,000 Loose tools 1,00,000 Printing & stationery 30,000 Advertising 50,000 Cash in hand 45,000 Cash at bank 2,00,000 Petty Cash 5,000 Machinery 3,00,000 Commission 10,000 30,000 Total 44,85,000 44,85,000 Adjustments: i) Stock on 31st March was valued at Cost price * 4,20,000 and market price * 400,000. (ii) Depreciate furniture @ 10% p.a. and machinery @ 20% p.a. on reducing balance method. (iii) Rent of * 5,000 was paid in advance. (iv) Salaries & wages due but not paid * 30,000. (iv) Make a provision for doubtful debts @ 5% on debtors. v) Commission receivable * 5,000. a. Prepare Trading Account and ascertain the gross profit. b. Ascertain the net profit of the organization. c. Ascertain the financial position of the company using Balance Sheet