PROJECT PROJECT 10.On 1st April, 2016 Pankaj started the business of selling Refrigerators with aCapital of 30 lakhs. Entire amount of Capital was deposited into the bank afterkeeping the amount to be given to the Petty Cashier. On the same date, he entered intoan agreement with L.G. Limited to sell the Refrigerators, bought from them on onemonth credit basis.During the year he purchased the following assets making payments through bank:Building25,00,000Office Equipments2,00,000Furniture1,50,000Refrigerators were to be sold for cash only and the cash proceeds were to bedeposited in the bank on the same day. All expenses except petty expenses were to bepaid only through bank. The Petty Cashier was given 52,500 on 1st April, 2016 under'Imprest System. The petty cashier would be reimbursed the actual expenses of themonth on the first day of the next month before depositing the sale proceeds of the day.The following transactions were affected through bank during the year ended 31stMarch, 2017:PurchasesSalesSalariesAdvertising expensesTelephone expensesElectricity expensesPrinting and stationeryInsurance premium16,90,00024,39,70066,0009,40010,2007,6003,6004,000During the year petty cashier was reimbursed for the expenses incurred by himamounting to 20,300. The cash with the petty cashier on 31st March 2017 was * 800.The purchases for the month of March, 2017 amounted to 1,40,000. L.G. Limitedwas paid for purchases as per terms agreed upon.Other Informations :(i) Salaries have been paid for 11 months.(ii) Telephone expenses 71,000 and Electricity expenses 800 are yet to be paid.(iii) The closing stock as on 31st March, 2017 were as follows:Refrigerators 3,50,000Stationery600(iv) Charge depreciation on building @ 4% and on Office Equipments and Furniture@ 20%Prepare journal entries, ledger accounts , Trial Balance as at 31st March, 2017, Profit & Loss Account for the yearended on 31st March, 2017 and a Balance Sheet as at that date.​