Credit 350000 5000 Following is the trial balance of Standard Ltd as on 31st March 2020: Debit Stock on 31st March 2019 75000 Sales Purchases 245000 Wages 50000 Discount Furniture and fittings 17000 Salaries 7500 Rent 4950 Sundry expenses 7050 Profit and loss appropriation Account on 31st March 2020 Dividend paid 9000 Share capital Debtors and creditors 37500 Plant and machinery 29000 Cash and bank 16200 Reserve Patent and trade mark 4830 15030 100000 17500 15500 503030 503030 Prepare Profit and loss account for the year ended 31st March 2020 and balance sheet as on that date after taking into consideration the following adjustments: a. Stock on 31st March 2020 was valued at Rs.82000 b. Depreciation on fixed assets @ 10% c. Make a provision for income tax @ 50% d. Provide corporate dividend tax @ 10%