1. From the following Trial Balance of Madras Traders Ltd for the year ended 31st March 2022, prepare the Income Statement and Balance Sheet. Particulars Amt Particulars Amt Goodwill 50,000 Capital 1,25,000 Leasehold land 67,450 Sales 1,78,940 Loose Tools 7,000 Income from service 19,630 Wages 25,860 Purchase returns 940 Rent 8,700 Loan 20,000 Purchases 96,420 Accounts payable 25,229 Opening Inventory 38,610 Bank overdraft 4,530 Sales Returns 400 Provision for bad debts 3,000 Carriage on purchases 2,240 Retained earnings 14,000 Insurance 1,180 Salaries 11,470 Vehicles 27,000 Furniture 3,200 Maintenance 1,000 Accounts receivable 39,910 Power 1,070 Advertising 9,750 TOTAL 3,91,260 TOTAL 3,91,260 Adjustments: Closing Inventory - Rs 40,000 1