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Problem 14.3 (Preparation of Final Accounts after adjusting price level changes). The balance Sheet of Uptodate Ltd. as on 31st December 1988 and the Profit and Loss Account during the year 1989 are as under: Balance Sheet as at 31-12-1988 Liabilities Assets Share Capital Rs. 40,000 Plant and Machinery Rs. 60.000 13.5% Debentures 24,000 Stocks 9.600 Sundry Creditors 14,400 Debtors 4.800 Cash 78,400 78.400 Profit & Loss A/c for the year ended 31-12-1989 To Opening stock Rs. 9.600 By Sales Rs. 40,0CO To Purchases 18,400 By Closing Stock 8.000 To Gross Profit 20,000 48,000 48.000 To Expenses 3,200 By Gross Profit 20.000 To Interest on Debentures 3,240 To Depreciation 6,000 To Net Profit 7.560 20,000 20.000 The following information is relevant: (i) There is no change in Debtors and Creditors during the year. (ii) Following indices are to be taken: On Ist January 1989 200 Average of 1989 240 On 31st December 1989 300 (iii) First-In-First Out method is used You are required to prepare the final accounts for the year 1989 after adjusting for price level changes under CPP Method