From the following trial balance extracted from the books of Sonal International Ltd., prepare Trading & Profit and Loss account for the year ended on 30th June 2011 and a Balance Sheet as on that date:
Adjustments:
(i) The closing stock was valued at Rs. 8,000.
(ii) Outstanding expenses; Salaries Rs. 500; Taxes Rs. 200.
(iii) The insurance premium is paid for the year 2011.
(iv) Provide interest on capital at 5% and on drawings Rs. 40.
(v) Depreciate furniture at 5% and Plant & Machinery by 10%
