From the following information prepare trading and profit and loss account and balance sheet of Kumar for the year ending 31st December, 2017.
Adjustments:
(a) The closing stock on 31st December, 2017 was valued at Rs. 3,900.
(b) Carriage inwards prepaid Rs. 250
(c) Rent received in advance Rs. 100
(d) Manager is entitled to receive commission @ 5% of net profit after providing such commission.
