The trial balance of Shri Manoj …

ion on Plant and Machinery @ 10% and on Furniture @ 5%. ANSWER: Financial Statements of Modern Traders Trading Account  for the year ended March 31, 2017 Dr.  Cr. Particulars  Amount (Rs) Particulars Amount (Rs) Opening Stock 15,000 Sales 1,20,000  Purchases 82,000 Less: Sale on Approval Basis 7,200 1,12,800 Freight Inwards 2,000 Closing Stock 15,000  Wages 1,300 Add: Sale on Approval Basis 6,000 21,000 Gross Profit (Balancing Figure) 33,500     1,33,800   1,33,800             Profit and Loss Account  for the year ended March 31, 2017 Dr.  Cr. Particulars  Amount (Rs) Particulars Amount (Rs) Depreciation: (WN1) Gross Profit 33,500 Plant & Machinery 4,000  Discount Received 400 Furniture 250 4,250 Rent Revenue 1,200 Bad Debts 400     Add: New Provision (WN2) 670     Less: Old Provision 800 270   Carriage Outwards 500   Insurance 700     Less: Prepaid 100 600   Rent, Rates & Taxes 4,600   Printing & Stationery 800   Postage & Telegram 800   Salaries 20,000   Net Profit (Balancing Figure) 3,280     35,100   35,100      Balance Sheet  as on March 31, 2017 Liabilities  Amount (Rs) Assets  Amount (Rs) Capital 85,000  Fixed Assets  Add: Net Profit 3,280  Plant &  Machinery 40,000   Less: Drawings 5,000 83,280 Less: Depreciation 4,000 36,000   Furniture 5,000  Current Liabilities  Less: Depreciation 250 4,750 Creditors 23,000     Current Assets   Closing Stock 15,000      Add: Sale on Approval Basis 6,000 21,000   Prepaid Insurance 100   Cash in Hand 6,200   Cash at Bank 25,500   Debtors 20,600     Less: Sale on Approval Basis 7,200     Less: Provision for Doubtful Debts 670 12,730