21. The following information of Third eye corporation as on 31st December 2020 are given below: Particulars Amount Particulars Bank balance 33,400 Accumulated depreciation-Plant & machinery Account receivable 37,600 Notes payable Merchandise inventory 90,000 Accounts payable Plant & machinery Investment Drawings Sales discount Cost of goods sold Salaries expenses Utilities & repair expense Gas & oil expense 3,72,500 Capital 1,40,000 Sales 10,000 4,600 7,09,000 69,800 51,700 7,200 Additional information: i. ii. iii. iv. v. Required: Gain on sale of furniture Profit on dissolve of old business Salaries are 80% selling and 20% administrative. Utilities and repair expenses are 100% administrative. Income tax Rs 20,940. Rs 15,000 of the notes payable is payable next year. Gas and oil expense is selling expense. (a) Income statement based on NFRS (b) Balance sheet based on NFRS Amount 96,400 50,000 69,500 3,57,800 9,02,100 10,000 40,000 [4] [4]