Question - 09

Prepare Profit and Loss Account for the year ended 31st March 1996 from the following balances in the books of Shri Durga prasad:

Interest (Cr.) Rs. 500
Discount received Rs. 200
Commission earned Rs. 800
Salaries Rs. 1,200
Audit fees Rs. 450
Travelling exp. Rs. 250
Bank Charges Rs. 50
Carriage on sales Rs. 160
Postage Rs. 40
Bad debts Rs. 180
Discount Rs. 150
Gross Profit Rs. 900