10. From the following Trial Balance of M/s. Sanjay and Vijay, you are required to prepare Trading and Profit and Loss Account

10. From the following Trial Balance of M/s. Sanjay and Vijay, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2013 and Balance Sheet as on that date after taking into consideration the adjustments given below.


Adjustments:

1) Closing stock was valued at Rs. 30,000.

2) Postage stamps of Rs. 250 and stationary of Rs. 400 are unused.

3) Goods of Rs. 2,500 distributed as free samples.

4) Leasehold property is to be run for 10 years w.e.f. 1st October, 2012.

5) Depreciate Plant and Machinery at 10% p.a.

6) Mr. Rajan, our customer become insolvent and could not pay his debts of Rs. 1,500.



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