Tara Industries Ltd. agreed to take-over the business of Sri K. Basak from 31st March, 2016 in consideration of ₹ 66,000 to be discharged by the issue of equity shares only. On that day, the Balance Sheet of Sri K. Basak was:

The company was registered on 1st May, 2016 as a public limited company and obtained a commencement certificate to business on 1st July, 2016. The authorised capital was ₹5,00,000 divided into 50,000 equity shares of ₹10 each. The company issued for cash 15,000 equity shares to the public at a premium of ₹2 per share. The same set of books were continued by the Company and no entries were passed in the books for the take-over of business. Loan from S. Sarkar was repaid before 31st March, 2017. Apart from this information, the following balances as on 31st March, 2017 were also given:

You are required to prepare the final accounts of Tara Industries Ltd for 2016-17 after taking into account stock of ₹15,000 on 31st March, 2017 and after providing for depreciation on assets at 10%.

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Sundry creditors Loans S. Sarkar Capital Liabilities ₹ 30,000 Cash balances 6,000 Sundry debtors 60,000 Furniture 96,000 Machinery Goodwill Profit & Loss Account Assets ₹ 2,000 22,000 15,000 45,000 10,000 2,000 96,000