| Debit Balances : |
|
Debit Balances: |
|
| Stock 1-1-2012 |
6,000 |
Goodwill |
5,000 |
| Salaries |
6,000 |
Wages |
100 |
| Drawing |
6000 |
Insurance Premium |
600 |
| Carriage Inward |
1,000 |
Bank |
8,500 |
| Carriage Outward |
500 |
Credit Balances : |
|
| Return Inward |
800 |
Capital |
40,000 |
| Loan to X |
3,000 |
Returns Outward |
500 |
| Rent |
1,200 |
Loan from Y |
5,000 |
| Purchase |
60,000 |
Rent Outstanding |
100 |
| Debtors |
30,000 |
Creditors |
13,000 |
| Advertisement |
3,000 |
Liabilities for Other Expenses |
1900 |
| Bad Debts |
500 |
Provision for Bad Debts |
1000 |
| Discount |
600 |
Discount |
300 |
| Cash |
200 |
Sales |
73700 |
| Furniture |
3,000 |
Rent by sub-letting |
500 |
From the following balances extracted from the books of Mr. Rati Ram Saboo and the subjoined information, you are required to prepare the Profit and Loss Account for the year ended on 31st Match, 2013 and also the Balance Sheet as on that date.