Prepare the trading and profit and loss account

Reference no: EM13298425

Mr. Rahmat Ali commenced a new business following are thetransactions of his first months operations.

1. He started business with cash Rs. 1,50,000.
2. He deposited Rs.1,30,000 in a newly opened bank account.
3. He purchased goods for cash Rs.8,000.
4. He purchased goods for Rs.10,000, payment was made throughbank.
5. He withdrew Rs.1,000 from the bank for personal use.
6. He sold goods for cash Rs.15,000.
7. He paid salary in cash Rs.200.
8. He gave a cheque for rent Rs.3,00.
9. Sold goods on account to Y, Rs.8,000.
10. Purchased goods on account from X, Rs.5,000.
11. Sold goods for cash Rs.1,000.
12. Purchased goods from Z for cash Rs.2,500.
13. Purchased goods for cash Rs.2,800.
14. Cash paid to X, Rs.3,000.
15. Cash received from Y, Rs. 1,600.
16. Furniture purchased for cash Rs. 20,000.
17. Furniture purchased from Anil on account Rs.30,000.
18. Sold a goods to Mehtab for cash Rs. 5,000.
19. Interest earned Rs. 5,400.

Prepare the Trading and Profit and Loss Account and Balance Sheetfrom the above information.

Reference no: EM13298425

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