Paper I 2014 Question#2
Trading & Profit and loss Account
Gross Profit=152000
Net Profit=4450
Profit and loss Appropriation Account
Balance Transferred to Balance Sheet=24950
Balance Sheet
Balance=637950
Note
There is contingent liability of 50000 which will be included in the balance sheet we have to just write a footnote to mention the contingent liabilities.
Remember in your prayer.
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