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Q$.7$ From the following balances prepare Trading and Profit and Loss Account of Mr$.$ x for the year ended $31$st March, $1998$ and a Balance Sheet as on that date:

$\backslash$table$[[,$Debit $(),$Credit $()],[$X$\text{'}$s Capital Account,${?}^{-},10,000],[$Plant and Machinery,$3,600,],[$Depreciation on Plant and Machinery,$400,-],[$Repairs to Plant,$520,],[$Wages$,5,400,-],[$Salaries$,2,100,],[$Income$-$tax of Mr$.$ X$,100,],[$Cash in Hand and at Bank,$400,],[$Land and Building,$14,900,],[$Depreciation on Building,$500,],[$Purchases$,25,000,],[$Purchases Return,$-,300],[$Sales$,-,49,800],[$Bank Overdraft,$-,760],[$Accrued Income,$300,],[$Salaries Outstanding,,$400],[$Bills Receivable,$3,000,],[$Provision for Bad Debts,$-,1,000],[$Bitls Payable,,$],[$Bad Debts,$200,],[$Discount on Purchases,$-,],[$Debtors$,7,000,6,252],[$Creditors$,,6,252],[$Opening Stock,$7,400,],[,70,820,70,820]]$

$4$:$04-$PM

information:

CA FOUMDATIONI$-$ACCOURITIIG

$($i$)$ Stock on $31$ st March, $1998$ was $6,000$

$($ii$)$ Write off further $600$ for Bad Debt and maintain a provision for Bad Debts at $5\%$ on Debtors.

$($ii$)$ Goods costing $1,000$ were sent to customer for $1,200$ on $30$th March, $1998$ on sale or return basis. This was recorded as actual sales.

$($N$)240$ paid as rent of the office were debited to Landlord account and were included in the list of debtors.

$($v$)$ General Manager is to be given commission at $10\%$ of net profit after charging the commission of the works manager and his own.

$($vi$)$ Works manager is to be given commission at $12\%$ of net profit before charging the commission of General Menager and his own.

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