1. As of November 30, 2024, the financial records of Emerald Bay Co. include the following balances: the capital account had a credit balance of ₹390,000, drawings were ₹33,000, sales amounted to ₹640,000, purchases totaled ₹320,000, wages were ₹77,000, utilities expenses were ₹19,000, rent was ₹36,000, miscellaneous expenses were ₹13,000, and the profit and loss account showed a credit of ₹17,000. Calculate the net income for Emerald Bay Co.

Requirements:

1. Calculate total debits and credits.
2. Determine the net income.
3. Evaluate the role of rent expenses.
4. Suggest ways to reduce miscellaneous expenses.