M$. Renu is a retail trader dealing with software components. She follows the practice of paying creditors for goods purchased through her Bank Account and making payments in cash on all nominal accounts.
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Apr 1, 2008 $
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Mar 31, 2009 $
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Cash in hand
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300
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500
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Cash at Bank
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10,000
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15,000
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Sundry Debto$
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17,500
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25,000
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Sundry Credito$
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34,100
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37,500
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Investments
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62,500
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62,500
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Stock
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25,000
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18,700
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Transactions during the year:
Salaries paid $ 15,000; General expenses paid $ 35,000; Payment for e-mail services $ 8,700; Payment for Rent and Rates $ 7,000; Electricity charges $ 2,500; Cash receipts from Debto$ $ 3,12,500; Payments to Credito$ through Bank and of Trade expenses in cash $ 2,00,000; Payments into the bank business $ 1,87,500; Payment into Bank - Additional capital $ 2,500; Payment from Bank Account - Pe$onal $ 32,500; Cash Payments - Pe$onal $ 9,100; Stock taken for pe$onal use $ 1,400.
You are required to prepare trading and profit and loss account for the year ended Mar 31, 2009 and Balance Sheet of M$. Renu as on Mar 31, 2009.