Determine the Gross profit or Gross Loss

Gross profit or gross loss

Profit & Loss A/c for the year ended 31^st^ March 2007

Particulars	Rs	Rs	Particulars	Rs	Rs
To Printing & Stationery	1,750		To Gross Profit b/d		51,200
Less: Stock	500
To Audit Fees		1,250
To Sundry Expenses		700
To Provident Fund Contribution		3,500
To Travelling Expenses		800
To Bad Debts		2,700
Add: New Bad debts	-
Add: New R.D.D.	1,750
Less: Old R.D.D.	250
		1,500
To Depreciation on
Patent Right	400
Building	5,000
		5,400
To Interest on Capital
Ashok	1,500
Tanaji	2,000
		3,500
To Interest on loan		1,200
To Net Profit
Ashok (2/5)	12,260
Tanaji (3/5)	18,390
		30,650
		51,200			51,200

Partner's Capital A/c

Particulars	Ashok	Tanaji	Particulars	Ashok	Tanaji
To Balance c/d	43,760	60,390	By Balance b/d	30,000	40,000
			By Interest on Capital	1,500	2,000
			By Net Profit	12,260	18,390
	43,760	60,390		43,760	60,390

Balance Sheet as on 31-3-2007

Liabilities	Rs	Rs	Assets	Rs	Rs
Partners Capital			Patents Right	4,000
Ashok	43,760		(-) 10% Depreciation	400
Tanaji	60,390				3,600
		1,04,150	Building	1,00,000
Provident Fund	7,000		Less: 5% Depreciation	5,000
Creditors	45,000				95,000
Bank Loan (10%)	12,000		Sundry Debtors	35,000
Add: Interest	1,200		Less: New R.D.D.	1,750
		13,200			33,250
			Furniture	8,000
			Investment	10,000
			Cash	4,000
			Closing Stock	15,000
			Stock of Stationery	500
		1,69,350			1,69,350