Balance Sheet as of March 31st 2016is given below  

Assets Building Furniture Inventories Accounts Rec. Cash Bank TOTAL Amount Liabilities + Owners Equity 1,000,000 6% Loan 100,000 Accounts Payable 200,000 300,000 Common Stock 400,000 APIC 2,000,000 TOTAL Amount 800,000 200,000 600,000 400,000 2,000,000 The following transactions took place during the year ended March 31st 2017: 1. The company purchased inventory worth $800,000. 80% of inventory was purchased on credit and the remaining 20% was purchased for cash. 2. The company sold inventory worth $900,000 for $1,800,000. 20% of the sales were made on credit, the remaining 80% were cash sales. 3. During the year $320,000 were collected from our debtors. 4. We paid of Accounts Payables worth 840,000 5. On January 1 2017 we received $240,000 in advance from a customer for goods and services to be provided equally over the following 12 months. 6. On September 30th 2016, we paid rent of $120,000 for building for the next 24 months. 7. Interest on 6% loan is not paid in cash in the current year. 8. Salaries worth $140,000 were paid in the current year. Salary worth $20000 for the week ending on 31st March 2017 has not yet been paid. Prepare the Balance Sheet as of March 31st 2017