Sheela, a fashion designer worked for many years in a reputed design firm. She has saved some money, so she now decides to set up her own boutique providing affordable designer wear. She setup "Sheela Designers" on 19 October 2018 with an initial investment of Rs 30,000/- in return for its shares. The following other details are available in her diary: a) Appointed 2 assistants for a monthly salary of Rs 5000/- each. Salary for a month was paid on the 2nd of the following month. b) Leased a place with a monthly rent of Rs 6000/- (payable on the 1" of every month) and an initial deposit equal to 3 months' rent. c) Purchased tailoring equipment for Rs 20,000/- & fumiture worth Rs 10,000/-. She estimated that that the equipment would have a useful life of 4 years and furniture for 10 years. No salvage value is expected. d) Placed an advertisement in local newspaper & distributed pamphlets about opening of her boutique. She paid the agency Rs 2,750/- for this. e) Bought supplies & embellishments worth Rs 17,500/- 50% on cash & 50% on credit. f) Invoices raised on customers for designing & tailoring services totalled Rs 125,000/- h) h) Electricity bills received and paid were Rs 3,200/-. Telephone bills received were Rs 2,250/-. A bill of Rs 415/- was still unpaid. Unutilised supplies on hand were worth Rs 5,100/- An electricity bill of Rs 360/- for March 2019 was received & paid in April 2019. Paid Rs 3,000/- for web designing. 1) J. k) On her website, she received enquiries for a few wedding events. She had quoted a tentative price of Rs 30,000/- for these and was quite certain of receiving confirmed orders. 1) She had paid suppliers 80% of their dues by 319 March 2019. oile m) Availed a bank loan on 1" December 2018 for a sum of Rs 25,000/-. Interest was 10% p.a. and the loan was repayable in quarterly instalments over a period of 2 years. Interest was payable with the repayment instalment. The first instalment was paid on: 1" March 2019 with interest. n) She had received Rs 1,15,000/- from customers. Of this a sum of Rs 3,000/- was an advance. Required: i. Prepare Income Statement for the year ended 31st March 2019. (10 marks) ii. Prepare Balance Sheet as on 31st March 2019. (10 marks) iii.Prepare a Statement of Cash Flows using Indirect method for the year ended 31st March 2019. (10 marks)