Here is the Trial balance. Make the Income Statement for the year 31 December 2015 and also make Balance sheet. Do it carefully and correctly.

======> Your answer must be correct. I will give thumb up.

Dr. Cr. 11,70,000 500,000 210,000 40,000 500,000 55,000 Name of Accounts Cash in Hand Capital Account Purchase Account Account Payable Rent Account Account Receivable Sales Account Commission Account Bank Account Creditor Account Interest Payable Account Loan Account Interest on Loan Account Expense Account Services Account Land Account Owner's Equity Ali Account Insurance Account Discount Account 335000 300,000 640,000 400,000 800,000 850,000 800,000 600,000 20,000 750,000 200,000 40,000 40,000 4125000 4125000 Closing Inventory at 31 December 2015 was 19,000 $