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Question 1: Prepare Profit and Loss Account for the year ending 31st December 2007 from the Trial Balance and adjustments of MS Company given below:
Adjustments:
Depreciate machinery and furniture @20%p.a.
Outstanding Salaries Rs. 2,000
Insurance paid in advance Rs. 500
Maintain @5% reserve for doubtful debts on debtors.
Closing Stock was valued at Rs. 60,000