From the following Balance extracted at the close of the year ended 31st March, 2015, prepare Profit and Loss Account of M/s Ashok and Son as at that date - Bzziii.com

From the following balance extracted at the close of the year ended 31st March, 2015, prepare Profit and Loss Account of M/s Ashok and Son as at that date:

Particulars	Amount	Particulars	Amount
Gross Profit	1,01,000	By Gross Profit b/d	1,01,000
Carriage Outward	2,500	By Apprentice Premium	1,500
Salaries	5,500	By Rent received on Sub-letting	1,000
Rent	4,100
Fire Insurance Premium	900
Bad Debts	2,100
Income Tax Paid	3,500
Life Insurance Premium	3,000
	1,03,500		1,03,500

Profit & Loss Account of M/S Ashok & Son

for the year ended 31st March, 2015

Particulars	Amount (Rs.)	Particulars	Amount (Rs.)
To Carriage Outward	2,500	By Gross Profit b/d	1,01,000
To Salaries	5,500	By Apprentice Premium	1,500
To Rent	4,100	By Rent received on Sub-letting	1,000
To Fire Insurance Premium	900
To Bad Debts	2,100
To Discount	500
To Printing and Stationary	250
To Rates & Taxes	350
To Travelling Expenses	200
To Sundry Trade Expenses	300
To Net Profit transferred to Capital A/c	86,800
	1,03,500		1,03,500