on 31.12.2001 the following trail balance sheet was prepared from the book of raju
debit credit
sundry debators 50,ooo -
sundry creditors - 10,000
bills receivable 5ooo -
plant and machinary 75,000 -
purchases 90,000 -
capital - 70,000
free hold premises 50,000 -
salaries 11,000 -
wages 14,400 -
postage and stationary 750 -
carriage in 750 -
carriage out 1000 -
bad debts 950 -
bad debt provision - 350
general charges 1500 -
cash at bank 5300 -
cash in hand 800 -
bills payable 5000
reserve - 20,000
sales - 2,31700
closing stock 30,000 -
total 3,37,050 3,37,500
1.raju gets a salary of 9000 per annum
2.allow 5%interest on capital
3.bad debts provision to be adjusted to 2%on sundry debtors
4.21/2 of the net profit to be credited to reserve
5.it was discovered in jan 2001 that stock sheet as on 31.12.2000 were overcast by rs.1000
you are required to prepare trading and profit and loss account for the year ended 31st december 2001 and a balance sheet as at that date