1. As of December 31, 2023, Green Field Co. has the following balances. Calculate the net income for the company.

• Capital Account: ₹400,000 (Credit)
• Drawings: ₹50,000 (Debit)
• Sales: ₹600,000 (Credit)
• Purchases: ₹300,000 (Debit)
• Salaries: ₹80,000 (Debit)
• Utilities: ₹20,000 (Debit)
• Rent: ₹40,000 (Debit)
• Miscellaneous Expenses: ₹15,000 (Debit)
• Profit and Loss: ₹20,000 (Credit)

Requirements:

1. Calculate the total debits and credits.
2. Compute the net income.
3. Analyze the effect of drawings on the financial health of the company.
4. Suggest ways to improve net income.