Prepare trading and profit and loss account of M/s Sports Equipments for the year ended March 31, 2017 and balance sheet as on that date: Account Title Debit Amount Rs Credit Amount Rs Opening stock 50,000 Purchases and sales 3,50,000 4,21,000 Sales returns 5,000 Capital 3,00,000 Commission 4,000 Creditors 1,00,000 Bank overdraft 28,000 Cash in hand 32,000 Furniture 1,28,000 Debtors 1,40,000 Plants 60,000 Carriage on purchases 12,000 Wages 8,000 Rent 15,000 Bad debts 7,000 Drawings 24,000 Stationery 6,000 Travelling expenses 2,000 Insurance 7,000 Discount 5,000 Office expenses 2,000 Closing stock as on March 31, 2017 Rs 2,500