Following balances were extracted from the books of Modern Traders on 31st March, 2018: Particulars ₹ Particulars ₹ Captial 8,50,000 Sales 12,00,000 Drawings 50,000 Postage and Telegrams 8,000 Plant and Machinery 4,00,000 Bad Debts 4,000 Accumulated Depreciation 90,000 Provision for Doubtful Debts 8,000 Stock on 1st April, 2017 1,50,000 Discount Received 4,000 Purchases 8,20,000 Rent Revenue 12,000 Sundry Debtors 2,06,000 Insurance 7,000 Furniture 50,000 Salaries 2,00,000 Freight Inwards 20,000 Wages 13,000 Carriage Outwards 5,000 Cash in Hand 62,000 Rent, Rates and Taxes 46,000 Cash at Bank 2,55,000 Printing and Stationery 8,000 General Reserve 50,000 Sundry Creditors 95,000 Input IGST 20,000 Input CGST 15,000 Output IGST 45,000 Input SGST 15,000 Prepare Profit and Loss Account for the year ended 31st March, 2018 and the Balance Sheet as at that date giving effect to the following:(a) Closing Stock was ₹ 1,50,000.(b) Wages Outstanding were ₹ 5,000.(c) Provision for Doubtful Debts is to be maintained at 5% of Sundry Debtors.(d) Depreciate Plant and Machinery by 10% and Furniture by 5% on Straight Line Method.(e) Sundry Creditors include ₹ 10,000 due to Nayak who is also included in Sundry Debtors at ₹ 15,000.(f) New furniture for ₹ 12,000 was purchased on 1st April, 2017. Old furniture valued at ₹ 2,000 was exchanged and balance was paid by cheque. Purchase of furniture was recorded at the net value of furniture, i.e., ₹ 10,000. The firm had purchased this furniture paying IGST 18%.(g) A fire occurred on 27th March, 2018 destroying stock costing ₹ 10,000, which were purchased paying CGST and SGST 9% each. Insurance company conveyed acceptance of claim of ₹ 7,500 on 10th April, 2018. Final accounts were prepared on 1st July, 2018.