The following figures extracted from the books of xyz Ltd and Mr Amit is one of the owners of the organization. You are required to prepare a statement of income expenditure for the year ended 31 March, 2018 and a balance sheet as on that date (31/03/2018).

Adjustments: 1) Stock on 31 March, 2018 was valued at Rs 66,000 2) Wages Rs 4600 and salaries Rs 3600 were outstanding 3) Insurance prepaid was Rs 800 4) Loose tools were valued at Rs 5600 on 31st March, 2018 5) Depreciate plant and machinery by 10% p.a furniture and fixtures by 75% annum, and freehold property by 2% per annum 6) Of the sundry Debtors Rs 600 are bad and should be written off 7) Maintain a provision of 5% for doubtful debts, and 2% for discount on Debtors and a reserve of 2 % for discount on sundry creditors.

Toral Balance Cr Ral. Dr Balances RS R8 RS 42000 my. Amit cap. Ald 2,58,00 drawing Acc. cash Purchases 1,96000 bius payabye 5,cco Refumoutund 7,000 Freehold Pocfort se, bet sundry erelita 4ecco Plant & machinery 7,00,00 salaries 42,000 pronesien fer 800 Office Expences 12,500 Doubtful Office Furniturel 25,000 debts fextures Interestfenn 6000 Discounts Allowed 12,00 to Mr. Sumit candry Debters 26/500 Loantem x Sumit 43,000 sales 4,11,000 Cach to bank 26,600 stock (1st April, 17) 49,175 wag 62,000 Office Supplies 1,400 Insurance Charge 3,200 las and Fuel 2,700 Rad Debts 600 office Rent 12,600 Duty toose Tools 7,000 11,600 freighth factory Lighting cash on Hand 3,625 7, 27, 800 7,27,800