1. Draft Balance Sheet of Madurai Exports Ltd as on 31st March 2016 based on Schedule III of Companies Act, 2013. Particulars Trade Payables Long Term Borrowings Reserves and Surplus Land and Building Patents Trade Receivables Cash and Cash Equivalents Inventories Share Capital (Rs 10/- each) Amount in INR ('000) 2,80 8,00 6.30 19.10 1,50 6,20 3.40 4,90 15,00 3,00 | Share Application Money Pending Allotment II. Ind AS standards as notified by Ministry of Corporate Affairs in February 2011 are convergence of Indian Accounting standards to IFRS standard." Write an essay on Ind AS standard explaining the necessity, convergence roadmap, differences in standards and challenges involved? III. From the Fallon Dalaman Shanks afon tad nu no 9130 a 40001 AL [4]