Question

Prepare Trading and Profit and Loss account for the year ended 31^st March, 2016 and the Balance Sheet as on that date from the following informations?

Adjustments: 

1. Closing Stock on 31^st March, 2016 Rs. 2,100. 

2. Commission received in advance Rs. 400. 

3. Advertisement paid in advance Rs. 150. 

4. Wages outstanding Rs. 2,000.

Answer 1

Balance Sheet as on 31^st Match, 2016