From the following trial balance of Hanif Lal, prepare trading and profit and loss account for the year ended 31st March, 2016 and a balance sheet as on that date. ParticularsAmt. (Rs.)ParticularsAmt. (Rs.)Opening Stock 40,000Sales5,40,000Purchases1,60,000Purchase Return 8,000Sales Return 12,000Discount 10,400Carraiage Inwards 7,200Sundry Creditors 50,000Carraiage Outwards 1,600Bills Payable 3,600Wages 84,000Capital1,50,000Salaries 55,000Plant and Machinery1,80,000Furniture 16,000Sundry Debitors1,04,000Bills Receivable 5,000Cash in Hand 12,600Travelling Expenses 7,400Lighting (Factory) 2,800Rent and Taxes 14,400General Expenses 21,000Insurance 3,000Drawings 36,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯7,62,000––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯7,62,000–––––––––– Adjsutments (i) Stock on 31st March, 2016 was valued at Rs. 48,000 (market value Rs 60,000). (ii) Wages outstanding for March, 2016 amounted to Rs. 6,000. (iii) Salaries outstanding for March, 2016 amounted to Rs. 5,000. (iv) Prepaid insurance amounted to Rs. 600. (v) Provide depreciation on plant and machinery at 5% and on furniture at 20%.