Navana Company
		Trial Balance
		1st January 2017
			Dr.	Cr.
Capital				100,000
Opening inventory			10,000
Furniture			10,000
Accumulated Depreciation				2,000
Salary			10,000
Accounts Receivables			50,000
Accounts payables				20,000
Land & building			42,000
Total			122,000	122,000
Additional inforamtion:
1. During the year inventory costing $50,000 were bought on credit. Sales revenue for the year was $40,000 (on credit). These transactions were not recorded.
2. Cost of ending inventory is $30,000.
3. Rent outstanding $5,000
4. Tax rate is 40%.
Requirements:
1. Prepare journal entries for the purchase, sales and the rent expense.
2. Calculate profit/loss for the year ended 31st Dec. 2017.
3. Preapre a Balance Sheet as on 31st Dec., 2017.