From the following trail balance,prepare the trading and profit and loss account for the year ended 31st March,2016 and the balance sheet as that date. Name of AccountsAmt. (Rs.)Name of AccountsAmt. (Rs.)Salaries20,446Sales1,32,840Bills Receivables12,754Capital1,00,000Investments80,000Provision for Doubtful Debts 5,000Furniture24,00010% Loan (1st October, 2015) 20,000Opening Stock 9,000Discounts Received 800Purchases60,000Sundry Creditors 18,600Sundry Debtors40,000Bills Payable 10,000Interest on Loan 800Outstanding Salaries 1,000Insurance Premium 1,800Bad Debts Recovered 400Wages 9,200Interest on Investments 4,000Rent 3,040Trading Commission 14,000Bad Debts 2,400Carriage Outwards 1,200Cash at Bank20,000Depreciation on Furniture 5,000Accrued Commission 2,000Advertisement 15,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯3,06,640––––––––––––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯3,06,640–––––––––––––––––––– Additional Information: (i) Closing stock Rs. 12,000. (ii) Goods costing Rs. 2,000 were distributed as free samples while goods costing Rs. 1,000 were taken by the proprietor for personal use. (iii) A credit sale of Rs. 4,000 was not recorded in the sales book. (iv) Closing stock included goods costing Rs. 2,000 which were sold and recorded as sales but not delivered to the customers. (v) Maintain provision for doubtful debts 5%.