From the following Trial Balance of a farmer, prepare Trading and Profit and Loss Account for the year ended 31st December, 1998 and a Balance Sheet as on that date: Debit Balances Opening Stocks: 30,000 Cattle $. Credit Balance Sales: 18,000 $ Dairy products Paddy 15,000 Paddy 32,500 Cattle feed 2,000 Cattle 7,500 58,000 Fertilizers 4,300 51,300 Purchases: Creditors 7,450 Cattle 6,000 Loan from Bank at 8% interest 12,000 Seeds 650 Capital 95,000 Fertilizers 1,200 Cattle feed 3,200 1 1,050 Crop expenses: 3,900 Labour Other direct charges 400 4,300 Cattle expenses: 900 Medicines Labour 3,000 Dairy expenses 1,100 5,000 General Expenses 800 Land 70,000 Tractor 23,000 Cash 7,000 1,72,450 1,72,450 Adjustments:- 1. Closing Stocks $ Cattle 33,000 Paddy 2,300 Cattle feed 800 Fertilizers 300 2.The proprietor has consumed the following items out of his farm output:- Dairy Products $ 2,000 Paddy $ 1,000 3. provide 10% depreciation on Tractor 4. Interest on loan is outstanding.