Prepare a trading and profit and loss account for the year ending December 31, 2017. from the balances extracted of M/s Rahul Sons. Also prepare a balance sheet at the end of the year. Account Title Amount Rs Account Title Amount Rs Stock 50,000 Sales 1,80,000 Wages 3,000 Purchases return 2,000 Salary 8,000 Discount received 500 Purchases 1,75,000 Provision for doubtful debts 2,500 Sales return 3,000 Capital 3,00,000 Sundry Debtors 82,000 Bills payable 22,000 Discount allowed 1,000 Commission received 4,000 Insurance 3,200 Rent 6,000 Rent Rates and Taxes 4,300 Loan 34,800 Fixtures and fittings 20,000 Trade expenses 1,500 Bad debts 2,000 Drawings 32,000 Repair and renewals 1,600 Travelling expenses 4,200 Postage 300 Telegram expenses 200 Legal fees 500 Bills receivable 50,000 Building 1,10,000 5,51,800 5,51,800 Adjustments1. Commission received in advance Rs 1,000.2. Rent receivable Rs 2,000.3. Salary outstanding Rs 1,000 and insurance prepaid Rs 800.4. Further bad debts Rs 1,000 and provision for doubtful debts 5% on debtors and discount on debtors 2%.5. Closing stock Rs 32,000.6. Depreciation on building 6% p.a.