Prepare the Income Statement and Balance Sheet for the year ended 31/3/2015

Hyperactive Ltd purchased an agency to deal in sports equipment on April 12013,0O31/3/2014 the company"s balance sheel Additional information felated to the company's business transactions for the year ended 31-3-3015 is given below: 1. The company sold goods worth "6,000,000. Out of these 8006 were for credit and the rest were for cach. Addtiveally, on 1.2015, we received cach advance worth ' 1000,000 from a custamer for certain sports equipmeat to be deliverced in equal installments over the next 10 months: 2. We collected 7,000,000 from our customers. Bad debts written off during the year amounted to 210,000 and 40,000 worth of bad debts that were previously written off were recovered during the year. Total discount given to our customers amounted to 100,000 . The company maintains an ADD balance equal to 5% of ending balance of Accounts Receivables. 3. The company purchased inventory of sports goods worth 3,000,000 on credit. It paid 5,000,000 to its suppliers and received a discount of 200,000 from its suppliers. The total value of inventory leaving the business (inventory sold) amounted to 4,000,000. 4. The company purchased new computers worth ' 2400,000 on August 1 " 2014 . The computers had a useful life of 4 years. Since all the computers were not of the required specification, they were sold back to the dealers after 3 months of usage on October 31=22014 for 2,400,000. 5. Total salaries paid amounted to 500,000 . Salaries worth 50,000 for the month of March 2015 were not yet paid. In 2015 , Hyperactive invested 200,000 in the shares of another company and received dividend worth 20,000 . 6. The owners of Hyperactive were avid sports followers and hence they gave equipment worth: 50,000 to-a local sports team free of cost (In addition to the value of inventory leaving the business in point 3 ). 7. On December 1 2014, Company issued bonus shares at the rate of 1 -share for every 10 shares outstanding and issued at that date. The bonus is issued at the face value of shares. 8. On January 1"2015, the company issued 50,000 shares at 200 per shares. On March 12015, the company declared a dividend of 10 per share (dividend is paid for all shares outstanding on dividend declaration date). 9. The Tax assessed for 2011-12 amounted to 1,150,000. Provision for Tax is created at the rate of 25% of Profit before Tax. Prepare the Income Statement and Balance Sheet for the year ended 31/3/2015