Sam Company with an authorized capital of $500,000 divided into 5000 equity shares of $100 each. On 31-03-2020 2500 shares were fully called up. Following are the balances extracted from the ledger of the company as on 31-03-2020. You are required to prepare a statement of Profit and loss for the year ended 31-03-2020 and the balance sheet as on the date of the company. Following further information is given: 1) Closing stock $91500 2) Depreciation to be charged on Plant and machinery and Furniture at 15% and 10% respectively. 3) Outstanding liabilities-Wages $5200, Salaries $1200 and Rent- $600 4) Dividend@5\% on paid up Share capital is to be provided