(Solved):   Mrom the rollowing Trial Halanee of Abha Company, prepare Profit and Loss Aceoume and Bala ...

 

Mrom the rollowing Trial Halanee of Abha Company, prepare Profit and Loss Aceoume and Balance sheet for the year ended December 31, 2003 . TRIAI BALANCE Adjustments: i) Inventory was valued on December 31,2003 at Rs. 95,000 ii) Depreciate Office Equipment at \( 15 \% \) and Furniture at \( 10 \% \) iii) Provide for Interest on capital at \( 10 \% \) and Interest on Drawings at \( 6 \% \) iv) Provide for followina nutstandina exnenses. v) Insurance was prepaid to the extent of Rs.3,000 vi) A sum of Rs.2,000 was allowed by way of discount on purchases but not yet accounted for. vii) A sum of Rs.3,000 represents rent received in advance. viii) A provision of \( 2 \% \) is required on Debtors towards bad and doubtful debts. ix) A provision of \( 30 \% \) towards taxation on profits (before taxation) is required.