Following information has been extracted from the books of Smartian Ltd. for the year ended 30 June 2017: ACCOUNTS DEBIT ACCOUNTS CREDIT Furniture 12,50 Capital 102,500 Plant and machinery 43,500 Sales 198,000 Goodwill 12,500 Creditors 15,000 Salaries 10,000 Bills Payable 500 Rent and Rates 4,500 Discount 1,000 Opening stock: Materials 12,500 Work in progress 4,500 Finished goods 18,500 Power 9,000 Direct Wages 52,500 Publicity 2,000 Bad Debts 1,500 Bank Charges 300 Cash 1,750 Bank 9,650 Drawings 16,000 Trade Debtors 25,000 Factory Expenses 1,150 Insurance 2,000 Factory Lighting 1,200 Selling Expenses 2,700 Purchase of Materials 85,000 317,000 317,000 Closing Stock: materials: 8,500, work-in-progress: 5,000 and finished goods: 24,000 Required: 1) Prepare Trading & Profit and Loss account for the year ended 30 June 2017 2) Prepare Balance Sheet as on 30 June 2017