On 31st March, 2017 the following Trial Balance of Sh. Ajay Oswal was taken out. Prepare Trading and Profit & Loss Account for the year and Balance Sheet at that date after making the following adjustments:-(i) Stock on 31st March, 2017 was valued ₹ 26,000.(ii) General Manager is entitled to a Commission of 5% on Net Profits after charging such Commission.(iii) ₹ 2,000 paid for Salary & Wages have been included in Sundry Debtors.(iv) Increase Bad-debts by ₹ 800 and create provision for Doubtful Debts at 10%.(v) General Expenses include insurance premium paid up to 30th June, 2017 ₹ 3,000 per annum.(vi) ₹ 600 out of the Advertisement Expenses are to be carried forward to the next year.(vii) Charge one-fourth of 'Salaries and Wages' to Trading A/c.(viii) Accrued Income ₹ 2,500. Dr. (₹) Cr. (₹) Capital 3,00,000 Income Tax 8,000 - Stock on 1-4-2016 16,000 - Return Inwards 5,600 - Carriage Inwards 8,200 - Deposit with PNB 15,000 - Return Outwards - 4,100 Carriage Outwards 3,700 - Loan to Mr. Malik 18% p.a. given on 1-7-2016 10,000 - Interest on the above - 900 Rent 13,000 - Outstanding Rent - 1,000 Purchases 1,48,000 - Debtors 75,800 - Goodwill 25,000 - Land and Buildings 2,00,000 - Furniture 15,000 - Salaries & Wages 38,000 - Creditors - 26,200 Advertisement Expenses 3,000 - Provision for Doubtful Debts - 3,500 Bad-Debts 2,000 Patents and Patterns 6,000 Cash in hand 8,900 Sales - 2,70,000 General Expenses 4,500 - 6,05,700 6,05,700