This is the solution I could solve. You people are requested to pinpoint mistakes, because neither my p/l accounts is correct nor Balance sheet.
Q. 5
Paper, 2002
Trading and p/l account (Dr.)
Opening Stock........Nil
Purchases..................nil
Less Returns.............nil
Wages Rs. 1000
Add Accrued wages Rs. 150 1150
Gross Profit......... Rs. 13250
Advertisement Expense...100
Supplies Expense ..........1700
Rent and other Expense(5500+500)..............6000
Depreciation...................................... ....1200
Net Profit............................................ 4650
Trading and p/l account (Cr.)
Sales(Service fee)..........14000
Closing Stock............nil
Service Fee Earned......... 400
Balance Sheet Assets
Cash Rs. 200
Service Fee Receivable 400
Accounts R/A 1500
Prepaid Advertisement 400
Less expired 100 300
Supplies 1300
Equipment 9600
Less Depreciation 1200 8400
Total 11700
Liabilities
Accounts Payable 800
Rent Payable 500
Capital 10000
Add N.I 4650
Less Drawing 3600 11050
Total Capital and Liabilities 12350
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