X who keeps incomplete records, gives you the following information: ASSETS AND LIABILITIES 1st April, 2016 31st March, 2017 ₹ ₹ Stock in hand 18,700 20,400 Debtors 12,000 14,000 Creditors 9,000 1,500 Bills Receivable 4,000 5,000 Bills Payable 1,000 200 Furniture 600 600 Building 12,000 12,000 Bank Balance 4,350 3,350 (Overdraft) You are also given the following information:(i) A provision of ₹ 1,450 is required for bad and doubtful debts.(ii) Depreciation 5% is to be written off on Building and furniture.(iii) Wages outstanding ₹ 3,000; salaries outstanding ₹ 1,200.(iv) Insurance has been prepaid to the extent of ₹ 250.(v) Legal Expenses outstanding ₹ 700.(vi) Drawings of Mr. X during the year were ₹ 7,520.Prepare a statement of Profit as on 31st March, 2017, and a final statement of affairs as at that date.