The newly appointed accountant of a start$-$up company Pioneer Limited, which has received funding from two sharks jointly in the Shark Tank against the issue of debentures, has prepared a Trial Balance from the details compiled by him for two years as follows:

Trial balance for the year ended Mar $31,2022$

Account Title

Head of Account

Debit Amount $()$

Credit Amount $()$

Share Capital

Non$-$ Current liability

$5,00,000$

Bank Loan

Non$-$Current liability

$1,00,000$

Share capital$-$ Peyush Bansal

Non$-$Current liability

$1,00,000$

Trade payable

Current liability

$50,000$

Outstanding Rent

Current liability

$5,000$

Other current liabilities

Current liability

$80,000$

Equipment

Non$-$current tangible asset

$2,00,000$

Furniture

Non$-$current tangible asset

$3,00,000$

Patents

Non$-$current tangible asset

$1,00,000$

Investment by Peyush Bansal$-$ cash received

Current investment

$1,00,000$

Trade receivables

Current asset

$80,000$

Cash balance

Current asset

$5,000$

Bank balance

Current asset

$2,00,000$

Revenue

Indirect Income

$3,60,000$

Purchases

Direct Expense

$1,00,000$

Salaries

Direct Expense

$20,000$

Rent of building

Indirect Expense

$10,000$

Accumulated Depreciation on tangible assets

Direct Expenses

$50,000$

Dividend expense during the year

Indirect Expense

$30,000$

$16,95,000$

$6,95,000$

Note:

There is no opening stock for the company

Closing Stock as on $31\mathrm{.}03\mathrm{.}2022$ is $50,000$

Depreciation for the year is :

Equipment$-10\%$ on cost

Furniture$-7\mathrm{.}5\%$ on cost

Patents are not to be amortised

During the year, new equipment was purchased for $1,00,000($Dep to be given for the full year$)$

At the start of the year, Furniture costing $50,000($Carrying value $40,000)$ was sold at a loss of $35,000($No Dep for current year to be given$)$

Now, the accountant is confused with regards two things:

$1.$Whether the classification of $$Head of Account$$ is correct?

$2.$Whether the classification under $$debit$$ or $$credit$$ is correct? $\{$Apply three golden rules of debit and credit here: $(1)$ Debit what comes in$,$ credit what goes out. $(2)$ Debit the receiver, credit the giver. And $(3)$ Debit all expenses, credit all income.$\}$

Part $1$:

$1.$ Give the correct classification for the accounts mentioned in the Trial balance earlier.

$2.$ Also, by making corrections to what will be correctly debited or credited to the Trial Balance, prepare a corrected Trial Balance for the year ended $31$ March $2022.$