From the following Trial Balance, prepare Trading Account, Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at the date:
Following adjustments are to be considered:
(i) Closing Stock Rs. 15,270.
(ii) Printing and Stationery expenses due Rs. 58,650.
(iii) Outstanding liabilities for salaries Rs. 12,000.
(iv) An old machine value at Rs. 12,000 (Book Value of which was Rs. 2,000) was given in exchange for a new machine purchased on 1st April, 2017. The machine given in exchange was not recorded in the books. Cheque issued for new machine purchased was accounted in the books of account.
(v) Depreciation @ 10% p.a. is to be provided on all fixed assets except building.
