Following is the trial balance of Standard Ltd as on 31st March 2020:

Debit Credit

Stock on 31st March 2019 75000

Sales 350000

Purchases 245000

Wages 50000

Discount 5000

Furniture and fittings 17000

Salaries 7500

Rent 4950

Sundry expenses 7050

Profit and loss appropriation account on 31st March 2020 15030

Dividend paid 9000

Share capital 100000

Debtors and creditors 37500 17500

Plant and machinery 29000

Cash and bank 16200

Reserve 15500

Patent and trade mark 4830

______ _______

503030 503030

______ _______

Prepare the Profit and loss account for the year ended 31st March 2020 and the balance sheet as of 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%.