Balance Sheet of ND Co. as of March 31st 2013 Assets Liabilities OE Cash 400,000 12% Bank Loan 600,000 Acc. Rec. 400,000 Prov. For tax (2011-2012) 45000 -Prov. For DD -20,000 380,000 Prov. For tax (2012-2013) 65000 110,000 Advance Tax (2011-12) 50,000 Acc. Payables 90,000 Advance Tax (2012-13) 60,000 110,000 Reserves and Surplus 300,000 Inventory 70,000 Common Stock (@10 each) 400,000 Equipment 200,000 Accm. Dep. -20,000 180,000 Building 400,000 Accm. Dep. -40,000 360,000 TOTAL 1500,000 TOTAL 1500,000 The following transactions took place during the year: 1. We purchased goods worth 500,000. Out of the purchases, 100,000 were paid for in cash and the remaining were credit purchases. Out of the credit purchases goods costing 50,000 were defective and were replace by goods costing 20,000. Total inventory used in the business amounted to 510,000. At the end of the year our balance in the inventory account was 30,000. 2. We paid 420,000 towards our Accounts Payable. The balance of the accounts payable at the end of the year is 40,000. 3. Our sales for the year were 1000,000. Half the sales were cash sales and half were on credit. 4. We collected 494,000 from our debtors. The Bad Debts written offThe