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Question: From the following Trial Balance extracted from the books off M/s Jayshee Trade, Bombay, prepare Trading and Profit and Loss Alc for the year ended 31 Dec. 1992 and a Balance sheet as on that date:
You are given following further information:
1. Interest of Rs.150 was due from bank but it was not received
2. It was decided to increase Reserve for bad and doubtful debts to Rs.2,800 after writing off Rs.500 as bad debts during the year.
3. Provide depreciation at 5% p.a. on building and 10% p.a. on Furniture & Fixture.
4. A Bill of Rs. 250 for printing of advertisement in newspaper remained unpaid at the end of the year.
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