Prepare trading and profit and loss account and balance sheet of M/s Royal Traders from the following balances as on March 31, 2017. Debit balances Amount Rs Credit balances Amount Rs Stock 20,000 Sales 2,45,000 Cash 5,000 Creditors 10,000 Bank 10,000 Bills payable 4,000 Carriage on purchases 1,500 Capital 2,00,000 Purchases 1,90,000 Drawings 9,000 Wages 55,000 Machinery 1,00,000 Debtors 27,000 Postage 300 Sundry expenses 1,700 Rent 4,500 Furniture 35,000 Closing stock Rs 8,000.