The following Trial Balance was extracted from the books of Nanda and Co$.,$ a sole proprietor of a trading business, as at ${31}^{st}$ March $2023.$

$\backslash$table$[[$Trial Balance as at $31^($st $)$ March $2023],[,$Dr$.$ Rs$.,$Cr$.$ Rs$.],[$Bank Balance,$125,800,],[$Capital$,,2,552,710],[$Creditors$,,324,620],[$Debtors$,226,000,],[$Rent Income,,$360,000],[$Bank loan,$55,570,850,000],[$Drawings$,23,140,],[$Electricity$,22,500,],[$Distribution expenses,,$143,750],[$Interest income,$9,330,],[$General Expenses,$45,000,],[$Advertising$,18,500,],[$Bank charges,$65,000,],[$Insurance$,154,920,],[$Freehold properly,$1,000,000,],[$Buildings at cost$,41,570,],[$Motor Vans at Cost,,$],[$Motor Vans running expenses,,$560,000],[$Provision for Depreciation $01\mathrm{.}04\mathrm{.}2022,,360,000],[,,20,000],[,1,621,500,],[$Provision for doubtful Debts,$8,800,],[$Purchases$,182,000,],[$Rates$,467,000,],[$Salaries and Wages,,$],[$Sales$,8,866,630,8,866,630],[$Stocks as at $01\mathrm{.}04\mathrm{.}2022,,],[$Bills Payable,,$],[$Tax payable,,$],[,,]]$

The following details are to be taken into account:

I. Closing stock verification was conducted with the presence of external auditors of the organization and the following balances have been calculated.

The total cost which has been incurred to acquire the stock available as at $31\mathrm{.}03\mathrm{.}2023$ is Rs$.500,000.$

However, due to the recent increases in prices, stock available as at $31\mathrm{.}03\mathrm{.}2023$ has a Net Realizable Value $($NRV$)$ of Rs$.850,000.$

II$.$ No entries had been made in the books for credit sales of Rs$.18,500$ on ${30}^{th}$ March $2023.$

III. According to the recent review of trade Debtors, it has been identified that a debtor with an outstanding balance of Rs$.10,000$ is irrecoverable. Further, according to previous experience, it is decided that $5\%$ of the closing debtor balances are doubtful to recover and the provision should be made accordingly.

IV$.$ Rent Income account represents the rent received for the building rented to another company for the period from $01\mathrm{.}01\mathrm{.}2023$ to $31\mathrm{.}12\mathrm{.}2023.$

V$.$ A purchase of goods, Rs$.250,000$ had been omitted from the books. The purchase was Rs$.100,000$ by cheque and the balance on credit.

VI$.$ Electricity bill has not been paid for the month of March $2023.$ The amount is estimated to be Rs$.5,400.$

VII. Rates paid during the period include Rs$.2,400$ paid for the $6$ months from $01\mathrm{.}01\mathrm{.}2023$ to $30\mathrm{.}06\mathrm{.}2023.$

VIII. Depreciation is to be charged on Buildings and Motor Vans at $2\%$ and $20\%,$ respectively, on straight$-$line basis.

You are required to prepare the following financial statements for Nanda & Co$.$

$($a$)$ Income Statement for the year ended ${31}^{st}$ March $2023,$ and

$($b$)$ Statement of Financial Position as at ${31}^{st}$ March $2023.$