From the following balances taken from the ledger Account of ABC Limited, prepare Income

Statement for the year ended ${31}^{st}$ December $19x9$ and Balance Sheet as on that date.

ADJUSTMENTS

$(1)$ Outstanding audit fees Rs$\mathrm{.}3,000,$ tax liabilities Rs$.13,500$

$(2)$ Depreciate machinery by $10\%$ of cost and delivery vehicle $20\%$ of cost

$(3)$ Compensation payable to ex$-$director Rs$\mathrm{.}7,500$

$(4)$ The Board of Directors has proposed dividend at $5\%.$

$(5)$ Transfer Rs$\mathrm{.}9,000$ to general reserves and Rs$.7,500$ to Debenture redemption fund.