From the following figures prepare Trading and Profit and Loss Account of Lakshmi & Co. for the year ended December 31, 1987.
Rs.
Stock on January 1, 1987 40,000
Purchases 98,000
Commission Received 650
Rent, Rates and Taxes 8,600
Salaries & Wages 12,000
Sales 1,62,100
Returns Inwards 2,400
Trading and Profit and Loss Account of Lakshmi & Co. For the Year Ended December 31, 1987
| Particulars | Amount (Rs.) |
|---|---|
| Opening Stock | 40,000 |
| Purchases | 98,000 |
| Commission Received | 650 |
| Total Cost of Goods Sold | 138,650 |
| Gross Profit (Sales - Cost) | 23,450 |
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