Based upon the revised Trial Balance, prepare the profit and loss account of Snow White & Co for the year ended 31st December 2017 and the Balance Sheet as on that date.

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Particulars Purchases Inventories (Opening) Debtors Freight Cash in hand Machinery Sales return Premises Discount allowed Bank balance Bad debts General expenses Furniture Wages and salaries Depreciation Repair Closing stock Dr. Particulars 8,375,000 Interest earned 3,750,000 Rent received 2,625,000 Purchase return 22,500 Creditors 183,750 1,875,000 Discount earned 562,500 Sales 2,250,000 Capital 150,000 Salaries outstanding 4,687,500 153,750 562,500 937,500 1,300,000 168,750 187,500 2,875,000 30,666,250 Provision for depreciation Provision for doubtful debts Cr. 187,500 225,000 187,500 2,812,500 731,250 84,375 16,875,000 9,309,375 175,000 78,750 30,666,250