Maple Leaf Furniture, a furniture manufacturing company, opened in January 2015. The company carefully tracked all its cash receipts and cash payments, but did not record any transactions. The following information is available at the end of its first year of operations, December 31, 2015.

Cash Receipts and Cash Payments (Rs. in thousands)

Cash Receipts	Cash Payments
Issue of Common Shares	100,000
Sales of furniture	350,000
Purchase of manufacturing equipment	120,000
Rent	24,000
Insurance	6,000
Advertising	12,000
Utility bills	10,000
Salaries	90,000
Telephone	6,000
Income tax	40,000
Total	450,000

Additional Information:

1. At the end of December, customers owe Maple Leaf Furniture Rs. 15,000 for furniture they have received but not yet paid for.
2. The manufacturing equipment was purchased at the beginning of January and has an estimated useful life of ten years.
3. On January 1, the company began renting space at a cost of Rs. 3,000 per month on a one-year lease. As required by the lease contract, the company paid the last month's (January 2016) rent in advance.
4. The insurance policy was purchased on January 1 and is effective for one year.
5. At December 31, Rs. 12,000 is owed for unpaid salaries.
6. At December 31, an additional Rs. 9,000 is owed for income taxes.

Required:

In good format, and making whatever assumptions you feel appropriate:

a. Calculate the cash balance at December 31, 2015. b. Prepare an accrual-based Income Statement, and Statement of Financial Position (Balance Sheet) for the year ended December 31, 2015.