The following information is given to you from the books of a manufacturer in respect of the year ended 31st March, 2015.
Adjustments necessary for the following :
(i) Finished goods worth ~ 5,000 was distributed as free samples.
(ii) A loan was obtained on 1st October, 2012 for ~ 50,000 carrying interest @ 10 p.a.
(iii) Bad debts to be written off ~ 750 and Provision for Doubtful Debts to be maintained at ~ 7,000.
(iv) Electricity and telephone to be apportioned as: Factory 3/5th and office 2/5th.
(v) A fire occurred destroying finished goods worth ~ 15,000. Insurance company admitted a claim of ~ 12,000 not yet received.
(vi) Stock of stationery in hand (31.3.2015) ~ 150.
You are required to prepare the Manufacturing Account and Trading Account and Profit and Loss Account for the year ended 31st March, 2015.