Illustration 11 Mr. PQ has a small trading business for which the following procedures are followed: (1) All collections are deposited with the bank each day. (2) (3) All payments except petty expenses are made by cheques, To meet petty expenses a cheque of Rs.500 is withdrawn from bank on the 1" day of each month. (4) Mr. PQ makes personal drawings from the bank. The following figures are available from Mr. PQ's records: Cash Hand Balance in Bank Bank Overdraft Debtors Stock of goods Payment made to creditors during the year Sales made during the year 1-1-202 320 2,500 20,000 10,000 31-12-2002 200 5,000 30,000 30,000 20,000 30,000 30,000 Creditors 20,000 Mr. PQ spent during the year Rs.200 from the office cash for his personal expenses. Prepare Profit and Loss Account for the year ended 31-12-2002 and Balance sheet as on that date from the above information