From the following balances extracted from the books of Raga Ltd. Prepare a trading and profit and loss account for the year ended March 31, 20117 and a balance sheet as on that date. Account Title Amount Rs Account Title Amount Rs Drawings 20,000 Sales 2,20,000 Land and Buildings 12,000 Capital 1,01,110 Plant and Machinery 40,000 Discount 1,260 Carriage inwards 100 Apprentice premium 5,230 Wages 500 Bills payable 1,28,870 Salary 2,000 Purchases return 10,000 Sales return 200 Bank charges 200 Coal, Gas and Water 1,200 Purchases 1,50,000 Trade Expenses 3,800 Stock (Opening) 76,800 Cash at bank 50,000 Rates and Taxes 870 Bills receivable 24,500 Sundry debtors 54,300 Cash in hand 30,000 4,66,470 4,66,470 The additional information is as under:1. Closing stock was valued at the end of the year Rs, 20,000.2. Depreciation on plant and machinery charged at 5% and land and building at 10%.3. Discount on debtors at 3%.4. Make a provision at 5% on debtors for doubtful debts.5. Salary outstanding was Rs 100 and Wages prepaid was Rs 40.6. The manager is entitled a commission of 5% on net profit after charging such commission.