Question

The following Legder Balances were extracted from the books of Aakash Deep on 31-03- 2019. Prepare Profit and Loss account for him. 

Gross Loss	6,000
Interest Received	30,000
Rent (paid)	5,000
Discount Allowed	3,000
Telephone expenses	2,000
Depreciation on machinery	4,000

Answer 1

Particulars	Amount (Rs)	Particulars	Amount (Rs.)
To Rent	5,000	By Gross Loss	6,000
To Discount allowed	3,000	By Interest Received	30,000
To Telephone expenses	2,000
To Depreciation on machinery	4,000
To Net Profit	22,000
	36,000		36,000