Prepare a Trading and Profit & Loss account for the year ending March 31, 2018, from the balances extracted of M/s Rahul Sons. Also prepare a balance sheet as at that date. Debit Balances ₹ Credit Balances ₹ Stock 50,000 Sales 1,80,000 Wages 3,000 Purchase return 2,000 Salary 8,000 Discount received 500 Purchases 1,75,000 Provision for bad debts 2,500 Sales Return 3,000 Capital 2,90,000 S. Debtors 82,000 Bills Payable 22,000 Discount allowed 1,000 Commission received 4,000 Insurance 3,200 Rent 6,000 Rent, rates and taxes 4,300 Loan 34,800 Fixtures and fittings 20,000 Output CGST 15,000 Trade Expenses 1,500 Output SGST 15,000 Bad debts 2,000 Drawings 32,000 Repair and renewals 1,600 Travelling expenses 4,200 Postage 500 Legal fees 500 Bills Receivable 50,000 Building 1,10,000 Input CGST 10,000 Input SGST 10,000 5,71,800 5,71,800 Adjustments :-(i) Commission received in advance ₹ 1,000.(ii) Rent receivable ₹ 2,000, subject to levy of CGST and SGST 9% each.(iii) Salary outstanding ₹ 1,000 and insurance prepaid ₹ 800.(iv) Further Bad-debts ₹ 1,000 and provision for Bad-debts 5% on debtors and provision for discount on debtors 2%.(v) Closing Stock ₹ 32,000.(vi) Depreciation on Building 6% p.a.