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Question: Shri A.K. Gupta runs a general store. His Trial Balance as on 31st March, 2002 was as follows:
1. After preparing the above Trial Balance, on the same day Mr. Sharma purchased a running business of Mr. Gaur for Rs.6,00,000. He took over stock of Rs.3,25,000 Debtors of Rs. 2,65,000, Furniture worth Rs.75,000 and Creditors of Rs. 75,000 No entry was passed for this transaction.
2. Closing Stock as on 31st March, 2002 was not valued. Mr. Gupta earned a uniform rate of Gross Profit of 25% on the Net Sales.
3. Provision for Doubtful Debts is to be maintained at 7% on Debtors
4. Purchases include purchase of furniture on 1st January, 2002 worth Rs.45,000
5. Sales include sale of old furniture for Rs. 16,000 on 1st October, 2001 (written down value of such furniture on 1st April, 2001 was Rs.26,000).
6. Furniture was to be depreciated by 10% p.a.
You are required to prepare the Trading Account and Profit and Loss Account of Mr. Gupta for the year ended 31st March, 2002 and also a Balance Sheet as on the same date, after giving effect to the above mentioned information.
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