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Question: Bose has supplied the following information about his business for the year ended 31st March, 2004 is as follows:
Assets and Liabilities
On 1st April 2003
On 31st March, 2004
To Opening balance
By Payments to creditors
To Cash sales
To Receipt from debtors
To Misc. receipts
By Sunday office expenses
To Loan from Dass @ 9% per annum (taken on 1.10.2003)
By Machinery purchased (on 1.10.2003)
By Closing balance
Discount allowed totalled Rs.7,000 and discount received was Rs. 4,000. Bad debts written off were Rs. 8,000. Depreciation was written off on furniture @5% per annum and machinery @ 10% per annum under the straight line method of depreciation. The office expenses included Rs.5,000 paid as insurance premium for the year ending 30th June, 2004. Wages amounting to Rs.20,000 were still due on 31st March, 2004
Prepare trading and profit and loss account for the year ended 31st March, 2004 and the balance sheet as on that date.
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