From the following schedule of balances extracted from the books of Mr. Piyush, prepare Trading and Profit and Loss Account for the year ended 31st…

In the books of Mr. Piyush Trading and Profit & Loss Account for the year ended 31st March, 2024 Particulars Amount (₹) Amount (₹) Particulars Amount (₹) Amount (₹) To Opening stock 3,86,000 By Sales 29,86,000 To Purchases 24,95,000 Less: Returns (₹ 1,35,000) 28,51,000 Less: Transfer to furniture A/c (10, 000) By closing stock 7,65,000 24,85,000 Less: Returns (₹ 1,38,000) 23,47,000 To Carriage inwards 1,26,000 To Gross profit c/d 7,57,000 36,16,000 36,16,000 To Salaries 1,15,000 By Gross profit b/d 7,57,000 Add: Outstanding 12,000 1,27,000 By Interest 34,500 To Rent 66,000 By Discount received 24,600 Add: Outstanding 6,000 72,000 To Advertisement 40,300 To Printing & stationery 32,200 To Electricity charges 57,700 To Interest (₹ 12,500 +3,000) 15,500 To Discount allowed 55,200 To Bad Debts 18,500 Add: Provision for Doubtful Debts 10,500 29,000 To General expenses 36,800 To Motor Car expenses 8,500 To Insurance premium 30,000 Less: Drawings 18,000 12,000 To Travelling expenses 21,800 To Postage & courier 8,100 To Depreciation on furniture (WN - 4) 2,750 To Capital A/c (Net profit transferred) 2,97,250 8,16,100 8,16,100 Balance Sheet as at 31 st March, 2024 Liabilities Amount (₹) Amount (₹) Assets Amount (₹) Amount (₹) Capital account: Furniture 25,000 Balance on 1 st April, 2023 8,85,000 Additions during the year 10,000 Add: Net profit 2,97,250 35,000 11,82,250 Less: Depreciation (2, 750) 32,250 Less: Drawings (78, 000) 9% Investments 50,000 Less: Insurance premium (18, 000) 10,86,250 10% Deposits 3,00,000 12% Bank Loan 2,00,000 Interest accrued on investment & deposits (W.N.3) 6,000 Interest accrued on bank loan (W.N.2) 3,000 Stock in trade 7,65,000 Sundry creditors 1,37,500 Sundry debtors (W.N.1) 1,99,500 Outstanding Rent 6,000 Cash in hand 18,500 Outstanding Salary 12,000 Cash at Bank 73,500 14,44,750 14,44,750 Working Notes: 1. Calculation of sundry debtors at the end Particulars Amount (₹) Sundry debtors as per trial balance 2,35,000 Less: Sales returns not recorded (25, 000) Adjusted balance of sundry debtors 2,10,000 Provision for doubtful debts @5% (10, 500) 1,99,500 2. Interest Payable on bank loan: Particulars Amount (₹) Annual interest @12% for6 months on 2,00,000 12,000 Less: Interest paid (9, 000) Unpaid interest 3,000 3. Interest accrued on investments and deposits: Particulars Amount (₹) Annual interest on investments @9% 4,500 Annual interest on deposits @10% 30,000 34,500 Less: Interest received on investments and deposits (28, 500) Accrued interest 6,000 4. Depreciation on Furniture: Particulars Amount (₹) Depreciation @10% p.a. on Opening Balance - 25,000 2,500 On new purchase of 10,000 for3 months (Jan to March) 250 Depreciation to be charged 2,750