Tarun graduated in Mechanical engineering from a Government engineering college and completed his MBA from reputed B-School. He was always determined to start his own business. In 2011 he and his 5 friends formed a company named Tarun Enterprises Ltd. to carry on the business of trading in car accessories. The company was registered with an authorized share capital of Rs 50,000 divided into shares of Rs 10 each. With time he was able to understand the preferences of his customers and started manufacturing the accessories. Over time the business flourished and has grown remarkably. Tarun is interested in knowing the performance and position of his company in the current year however his accountant has resigned. Although the accountant did not prepare the financial statements, he maintained the books of accounts and prepared the following trial balance before leaving