From the following balances of M/s Nilu Sarees as on March 31, 2011. Prepare Trading and Profit and Loss account and balance sheet as on date Account TitleDebit (Rs.)Account TitleCredit (Rs.)Opening Stock 10,000Sales2,28,000Purchase 78,000Capital 70,000Carriage Inwards 2,500Interest 7,000Salaries 30,000Commission 8,000Commission 10,000Creditors 28,000Wages 11,000Bills Payable 2,370Rent and Taxes 2,800Repair 5,000Telephone Expenses 1,400Legal Charges 1,500Sundry Expenses 2,500Cash in Hand 12,000Debtors 30,000Machinery 60,000Investments 90,000Drawings 18,000 Closing stock as on March 31, 2011 Rs. 22,000.

From the following balances of M/s Nilu Sarees as on March 31, 2011. P

1.	From the following balances of M/s Nilu Sarees as on March 31, 2011. Prepare Trading and Profit and Loss account and balance sheet as on date Account TitleDebit (Rs.)Account TitleCredit (Rs.)Opening Stock 10,000Sales2,28,000Purchase 78,000Capital 70,000Carriage Inwards 2,500Interest 7,000Salaries 30,000Commission 8,000Commission 10,000Creditors 28,000Wages 11,000Bills Payable 2,370Rent and Taxes 2,800Repair 5,000Telephone Expenses 1,400Legal Charges 1,500Sundry Expenses 2,500Cash in Hand 12,000Debtors 30,000Machinery 60,000Investments 90,000Drawings 18,000 Closing stock as on March 31, 2011 Rs. 22,000.
Answer» From the following balances of M/s Nilu Sarees as on March 31, 2011. Prepare Trading and Profit and Loss account and balance sheet as on date $\begin{matrix} Account Title & Debit (Rs.) & Account Title & Credit (Rs.) Opening Stock & 10, 000 & Sales & 2, 28, 000 Purchase & 78, 000 & Capital & 70, 000 Carriage Inwards & 2, 500 & Interest & 7, 000 Salaries & 30, 000 & Commission & 8, 000 Commission & 10, 000 & Creditors & 28, 000 Wages & 11, 000 & Bills Payable & 2, 370 Rent and Taxes & 2, 800 Repair & 5, 000 Telephone Expenses & 1, 400 Legal Charges & 1, 500 Sundry Expenses & 2, 500 Cash in Hand & 12, 000 Debtors & 30, 000 Machinery & 60, 000 Investments & 90, 000 Drawings & 18, 000 \end{matrix}$ Closing stock as on March 31, 2011 Rs. 22,000.

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