Fill in the blanks.
Closing stock is an example of
Plant and Machinery are asset.

(iii) Loan from bank payable in two years is a liability.
If revenue of a business is Rs 1,70,000, cost of goods sold is Rs 60,000 and expenses Rs 35,000, calculate Net profit.
Calculate the value of X.

Assets Liabilities Capital
72,000 28,000 X 40,000 X 20,000
(iii) X 20,000 28,000

2.(a) What is Trial Balance? Write the uses of Trial Balance.
Prepare a Trial Balance from the following:
<img src='./qimages/10865-2b.jpg'>

3. Prepare Trading Profit and Loss A/c and Balance Sheet of Rohan