Prepare a trading and p & I account for the year ended 31st December 1995 and a balance sheet as on that date from the following trial balance of mr.akilen. Drawings 45,000 Good will 90,000Buildings 60,000Machinery 40,000Bills receivable 6,000Opening stock 40,000Purchase 51,000Wages 26,000Carriage outwards 500Carriage inwards 1,000Salaries 35,000Rent 3,000Discount 1,100Repairs 2,300Bank 25,000Cash 1,600Debtors 45,000Bad debts 1,200Sales returns 2,000Furniture 6,000Advertisements 3,500General expenses 450Capital 1,60,000Bills payable 35,000Creditors 70,000Purchase returns 2,650sales 2,18,000Adjustments:1) Closing stock was Rs.35,000.2) Depreciation machinery and furniture by 10%.3) Outstanding wages Rs.1,500.4) Prepaid advertisement Rs.500.5) Create 5% on debtors for bad debts as provision.​

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