Mahima Ltd provides the following Trial Balance as on 31st March 2016:

Particulars	Dr. Balance (Rs.)	Cr. Balance (Rs.)
Equity Share Capital 300000 shares of ` 10 each fully paid		30,00,000
12% Bank Loan		2,00,000
Furniture	2,25,000
Machinery	7,50,000
Building	12,50,000
Non-current Investment	2,00,000
Sales		48,00,000
Sales Return	4,00,000
Interest Received on Investment		20,000
Interest on Bank Loan	20,000
Purchase	33,20,000
Purchase Returns		420,000
Opening Stock	2,00,000
Discount	6,250
Carriage on Goods Sold	1,39,000
Rent and Taxes	60,000
Trade Receivables	12,00,000
Trade Payables		80,000
Advertisement	1,20,000
Bad Debt	10,000
Salaries	4,00,750
Audit Fees	27,000
Contribution of P.F.	60,000
Cash at Bank and in hand	1,32,000
Total	85,20,000	85,20,000

Additional Information: (i) Closing Stock as on 31st March 2016 was Rs.2,12,500 (ii) Depreciation Rates: Furniture 10%; Machinery 20% and Building10% (iii) Outstanding salaries as on 31st March 2016 was Rs.62,250 (iv) Trade receivables include a sum of ` 25,000 due from Mr. B. Reddy and trade payables include Rs. 15,000 due to him. (v) Create a provision for doubtful debt @ 5% on trade receivables. (vi) Provide for income tax Rs.80,000. Prepare a Statement of Profit and Loss for the year ended on 31st March 2016 and Balance Sheet as per Companies Act 2013.