Velocity Vapes, a vape and accessories shop, opened in April 2021. The company did not record any transactions since its opening, but carefully kept track of all its cash receipts and cash payments. The following information is available at the end of its first year of operation, March 31, 2022.

Cash Receipts and Cash Payments (Rs. in thousands)

Cash Receipts	Cash Payments
Issue of Common Shares	85,000
Sales of vapes and accessories	280,000
Purchase of store equipment	90,000
Rent	20,000
Insurance	7,500
Advertising	12,000
Utility bills	10,500
Salaries	95,000
Telephone	5,000
Income tax	30,000
Total	365,000

Additional Information:

1. At the end of March, customers owe Velocity Vapes Rs. 12,500 for vapes and accessories they have received but not yet paid for.
2. The store equipment was purchased at the beginning of April and has an estimated useful life of ten years.
3. On April 1, the company began renting space at a cost of Rs. 1,750 per month on a one-year lease. As required by the lease contract, the company paid the last month's (April 2022) rent in advance.
4. The insurance policy was purchased on April 1 and is effective for one year.
5. At March 31, Rs. 8,000 is owed for unpaid salaries.
6. At March 31, an additional Rs. 7,500 is owed for income taxes.

Required:

In good format, and making whatever assumptions you feel appropriate:

a. Calculate the cash balance at March 31, 2022. b. Prepare an accrual-based Income Statement, and Statement of Financial Position (Balance Sheet) for the year ended March 31, 2022.