Following is the Balance sheet and profit and loss a/c of Atlantis Ltd. For the year 2019 and 2020, Prepare the Proforma Financial statement for the year 2021 using the hybrid method.

Assets	2019	2020
Cash	86,400	78,000
Sundry Debtors	526,800	603,000
Inventory	1,072,800	1,254,000
Total Current Asset	1,686,000	1,935,000
Fixed Assets	736,500	790500
Less:Accumulated Dep	219,300	249300
Net Fixed Assets	517,200	541200
Total Assets	2,203,200	2476200
Liabilities
Accounts Payable	218,400	262800
Notes Payable	300,000	337500
Accruals	204,000	210000
Total Current liabilities	722,400	810300
Long term Debt	485,148	636918
Equity	690,000	690000
Retained Earning	305,652	338982
Total Liabilities and Equity	2,203,200	2476200

Particulars	2019	2020
Sales	5,260,255	5,782,000
Cost of Goods Sold	4,296,000	4,875,000
Gross Profit	964,255	907,000
Selling and General expenses	610,000	645,450
Depreciation	28,350	30,000
Operating Profit (PBIT)	325,905	231,550
Interest Expenses	93,750	114,000
PBT	232,155	117,550
Taxes @40%	92,862	47,020
Net Profit	139,293	70,530
Dividend payment	0	37,200

Additional Information:

1. The estimated Sales for 2021 is Rs. 60,00,000

2. Cost of goods sold and administrative expenses to be valued by percent of sales method.

3. Depreciation for the year 2021 amounts to Rs.40,000 while the interest increases by 10% compared to the previous year.

4. Fixed Assets remains unchanged, Inventory to be valued at Rs. 13,50,000

5. Current assets to be valued by percent of sales method

6. Share capital remains same as in previous year, long term debt is estimated to increase by Rs.1,00,000, while accruals is estimated to decrease by Rs.10,000, all other current liabilities to be estimated by percent of sales method.

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