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The following balances are taken from the trial balance of Mike as on 31-03-2015. Debtors 2,00,000 Bad Debts 10,000 400 Bad Debt reserve 5000 Discount Reserve on Debtors Discount Allowed 600 Adjustments: (1) Write off $6000 as Bad debts from Debtors. (2) Provision for doubtful debts at 5% is to be made on debtors (3) Provision for discount reserve on Debtors at 1% is to be made. Prepare profit and loss A/C and Balance Sheet of Mike for the year ending on 31-03-2015