Emerald Electronics, an electronics retail store, opened in April 2016. The company did not record any transactions since its opening, but carefully kept track of all its cash receipts and cash payments. The following information is available at the end of its first year of operation, March 31, 2017.

Cash Receipts and Cash Payments (Rs. in thousands)

Cash Receipts	Cash Payments
Issue of Common Shares	80,000
Sales of electronics	250,000
Purchase of retail equipment	65,000
Rent	20,000
Insurance	7,000
Advertising	12,500
Utility bills	9,000
Salaries	85,000
Telephone	5,000
Income tax	35,000
Total	330,000

Additional Information:

1. At the end of March, customers owe Emerald Electronics Rs. 10,500 for electronics they have received but not yet paid for.
2. The retail equipment was purchased at the beginning of April and has an estimated useful life of ten years.
3. On April 1, the company began renting space at a cost of Rs. 2,500 per month on a one-year lease. As required by the lease contract, the company paid the last month's (April 2017) rent in advance.
4. The insurance policy was purchased on April 1 and is effective for one year.
5. At March 31, Rs. 9,500 is owed for unpaid salaries.
6. At March 31, an additional Rs. 8,500 is owed for income taxes.

Required:

In good format, and making whatever assumptions you feel appropriate:

a. Calculate the cash balance at March 31, 2017. b. Prepare an accrual-based Income Statement, and Statement of Financial Position (Balance Sheet) for the year ended March 31, 2017.