Following is the Trial Balance of X Ltd as on 31st March, 2017:Additional information:

(1) Net Realisable Value of closing stock is ₹ 55,00,000. However, it is estimated that the cost of closing stock is ₹ 50,00,000.

(2) It is the policy of the company to charge full year's depreciation for purchase of any asset. However, no depreciation is charged on disposed assets. The rate of deprecition is 20% p.a. on cost on all assets.

(3) During the year 2016-17, The company purchased equipments for ₹ 30,00,000.

(4) Some furniture were sold during the year for ₹ 2,50,000. The original cost was ₹ 15,00,000. Accumulated depreciation is ₹ 7,50,000.

(5) No claim was paid by the Insurance company for loss on fire as the policy was defective.

(6) Proposed dividend is 20% on equity shares.

(7) Corporate dividend tax is 20%.

(8) Rate of Income-tax is 35%.

You are required to prepare:

(i) A Statement of Profit and Loss for the year ended on 31st March, 2017;

(ii) A Balance Sheet as on that date.  

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Particulars Share Capital 25,00,000 Equity Shares of 10 each Profit and Loss Account (1.4.2016) Stock-in-Trade Long-term Loans Long-term Investments Accumulated Depreciation (1.4.2016) on Furnitures, Fixtures, Equipments, etc. Furniture, Fixtures and Equipments (at cost) Purchase of Equipments Sale of Products (Net of excise duty) Other Income from Operations Trade Debtors Dr. (2) 35,00,000 50,00,000 1,70,00,000 30,00,000 1,75,00,000 Cr. (3) 2,50,00,000 20,00,000 17,50,000 65,00,000 6,25,00,000 1,25,00,000