PROBLEM 7. Below is given the summarised Balance Sheet and Profit and Loss Account of Atlas Private Ltd. for the year ended 31st March, 2010. BALANCE SHEET as at 31st March, 2010 Assets Liabilities Share Capital Reserves and Surplus Overdraft (L T Liability) Creditors 11,00,000 5,00,000 3,00,000 4,00,000 Fixed Assets 3,00,000 Liquid Assets 4,00,000 Closing Stock 8,00,000 19,00,000 19,00,000 PROFIT AND LOSS ACCOUNT for the year ending 31st March, 2010 2,00,000 By Sales 22,00,000 By Closing Stock 3,00,000 4,00,000 31,00,000 28,00,000 3,00,000 To Opening Stock To Purchases To Expenses To Net Profit 31,00,000 You are required to make comments on the financial position of the Company with the help of accounting ratios