2.g. 40,000 120,000 900,000 20,000 360,000 40,000 Public Limited Company - Income Statement & Statement of Retained Earnings 23. Ghani Glass Ltd. registered with a capital of Rs. 20,00,000 divided into 200,000 ordinary chares. On December 31, 2018 following information is available: Cash 120,000 Interest Payable Accounts Receivable 160,000 Inventory (Jan. 1) Unexpired Insurance 24,000 Sales Prepaid Advertising 50,000 Sales Returns Furniture 300,000 Purchases Land 1,000,000 Carriage in Office Equipment 200,000 Accounts Payable 350,000 Salaries Expense 80,000 5% Bank Loan (Short Term) 120,000 Rent Expense 100,000 Purchase Returns 20,000 Retained Earnings (open.) 100,000 Income Tax 30,000 Allowance for Bad Debts (Cr.) 20,000 Allowance for Dep. (Equip.) 20,000 Allowance for Dep. (Fur.) 40,000 Share Capital Data for Adjustment: 1. Prepaid Advertisement amounted to Rs.40,000 2. Insurance was paid in advance for one year on October 1, 2018. 3 Salaries expense for the year Rs. 60,000. 4. Accrued rent was Rs.10.000. 5. Bad debts estimated @ 2.5% on net credit sales. 6. Income Tax for the year Rs.32,000. 7. Depreciation estimated @10% per annum on written down value of fixed asset. S Accrued Commission Income Rs.30,000. 9. Inventory on December 31, 2018 valued at Rs.60,000. 10. Reserve for contingencies Rs.20,000 and for plant extension Rs.60,000. REQUIRED: Prepare Statement of Retained Earning, multiple step Income Statement and Balance Sheet