Rakesh started his grocery store in January 2020 with an investment of Rs 10 lack. He invested Rs 1 lakh from his own saving and took a business loan of Rs 9 lakh. He also decided to use his building for business purpose. The building was got constructed by him recently at a cost of 40 lakh. The building was also used as a mortgage for bank loan. He bought stock of Rs 9.25 lakh from different suppliers, making all the payments by cheque and hired two boys as assistants. After making all these arrangements he inaugurated the business on 1st January After six months on 30' June, Rakesh informs you the followings: 1. He has cash and bank balance of Rs 2,25,000. 2. He has inventory of Rs 9,66,000 in the store. 3. He has to receive Rs 32,000 from customers. 4. He has bought some office furniture in the last week of June for Rs 52,000. 5. He has to pay one month's salary of Rs 12,000 to the workers. Salary in generally paid in the first week of next month. 6. He has to pay to suppliers Rs 64,000 for the inventory purchased. 7. He decided to charge a depreciation of 5% of the cost of the building ever year (for six months reduce it proportionately). 8. The outstanding amount of the loan on 30th June is Rs 6.72 lakh. Rakesh has neither put any additional equity during last six month, nor he has withdrawn anything from the business for his personal use. Prepare balance sheets of Rakesh Grocery Store on 1st January (just after inauguration) and on 30h June, 2020 and answer the following questions: (each question carry 2 marks) 1. What was the cash and bank balance on 1st January? 2. What is the equity on 1st January? 3. What is the total of the assets on 30th June? 4. What is the total of the liabilities (excluding equity) on 30th June? 5. What is the equity on 30th June? 6. What is the profit earned by the business during first six months