Prepare the profit and loss account for the year

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Reference no: EM131228197

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 31^st Match, 2013 and also the Balance Sheet as on that date.

Reference no: EM131228197

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