inwards Bills payable , , Bank overdraft , , , Creditors Sales return , , , , Purchases return , Machinery , , Insurance , Interest , Postage Discount , Debtors , Stock on March , Rs. , . ( Ans . Gross profit Rs.
, , Net profit Rs. , , Total of balance sheet Rs. , , ) . From the following balances of M/s Nilu Sarees as on March , .
Prepare trading and profit and loss account and balance sheet as on date. Debit Credit , , , , , Carriage inwards , Interest , , Commission Commission , Creditors , , Bills payable , Rent & taxes , Repairs Telephone expenses , Legal charges , Sundry expenses , cash in hand Debtors , Machinery , Investments , Drawings , Closing stock as on March , Rs. , . ( Ans .
Gross profit Rs. , , , Net profit Rs. , , , Total balance sheet Rs. , , ) .
Prepare trading and profit and loss account of M/s Sports Equipments for the year ended March , and balance sheet as on that date : Debit Credit , Purchases and sales , , , , Sales returns , , Commission , Creditors , , Bank overdraft , Cash in hand , Furniture , , Debtors , , Plants , Carriage on purchases Rent , Drawings , Stationery , Travelling expenses , Insurance , Discount Office expenses , Closing stock as on March , Rs. , ( Ans. Gross loss Rs. , , Net loss Rs.
, , Total balance sheet Rs. , , ) Checklist to Test Your Understanding . Test Your Understanding - I I (i) T (ii) T (iii) F (iv) T II (i) b (ii) a (iii) e (iv) c (v) d . Test Your Understanding - II .