the following information. Debit balance Credit balance Opening stock Purchases Freight inwards Wages , , , , , Purchases returns Sales returns Import duty on purchases Sales , , , , , , Adjustments: (a) Closing stock ` , , (b) Wages outstanding ` , (c) Freight inwards paid in advance ` , ( Answer : Gross Profit: ` , , ) . Prepare profit and loss account of Manoj for the year ending on st March, Gross profit Salaries Insurance Discount allowed Discount received Commission received Advertisement Printing charges , , Travelling expenses Stationery Rent Interest on loan Repairs Office expenses General expenses Postage Adjustments: (i) Salary outstanding ` (ii) Rent paid in advance ` (iii) Commission receivable ` ( Answer : Net profit: ` , ) Accountancy . From the trial balance of Sumathi and the adjustments prepare the trading and profit and loss account for the year ended st March, , and a balance sheet as on that date.
Debit ` Credit ` Stock on April , Purchases Sales % Loan Carriage on purchases Rent from tenant Interest on loan Machinery Postage Salary Commission received Cash in hand Furniture Capital , , , , , , , Adjustments (a) Six months interest on loan is outstanding. (b) Two months rent is due from tenant, the monthly rent being ` . (c) Salary for the month of March , ` is unpaid. (d) Stock in hand on March , was valued at ` , .
( Answer : Gross profit: ` , ; Net profit ` , , Balance sheet total ` , ) . The following trial balance was extracted from the books of Arun Traders as on 31st March, . Debit ` Credit ` Buildings Plant and machinery Cash purchases Credit purchases Sales Bills receivable Coal and water Office expenses Rent received Carriage outwards Repairs and maintenance Wages Debtors and creditors Cash Capital Opening stock , , , ,