Trial Balance of a business as at 31st March, 2018 is given below:
Prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at that date after taking into account the following adjustments:
(i) Closing Stock was valued at Rs. 7,000.
(ii) Outstanding liabilities for wages were Rs. 600 and salaries Rs. 1,400.
(iii) Depreciation is to be provided @ 5% p.a. on all fixed assets.
(iv) Included in Plant and Machinery is a machine purchased for Rs. 10,000 on 1st October, 2017.
(v) Insurance premium paid in advance Rs. 200.
