Gangull traders Put lid. deal in trading of stationary items. summary of all the ledger accounts along with some additional information Trial Balance as on 31st March 2019 Particulars Debit Credit Amt (Rs) Amt (Rs) Purchases and sales 1,302,950 1 805,000 24,000 1,950 Wages Expense 225,250 Interest on loan 6,000 Discount 8,090 5,300 Salaries Expense 80,000 Debtors/ Creditors 300,000 303,050 Opening Stock 400,090 Bank 147,850 Share Capital 375,090 Property, Plant and Equipment 160,090 Office Expenses 1,250 Cash in hand 5,090 Insurance Expense 10,090 Rent Expense 20,909 Loan (12% p.a.) as on 1.4.2018 200,090 Total 2,690,309 2,690,300 Additional Information: 1. Depreciate property plant and equipment @15%, 2. During the year, debtors worth Rs. 4,000 turned bad and managers have estimated that the allowance/provision for bad debts should be created @ 2.5% 3. On March 31, Sales include unearned revenue up to Rs.20,000. 4. Rent is paid from April 1 to June 30, 2018. Wages are outstanding for Rs. 8,000 6. Unexpired insurance is Rs. 3,000. 7. Stock on March 31 was Rs. 409,250. Required: Prepare Income statement for the year ending 31" March, 2019 and balance sheet as on 31" March 2019. Show the workings. Comment upon the performance of the company