Refer to the case of Shahrukh Khanna and Sons given in the exercises in the last chapter. Shahrukh Khanna now wants to know as to where his firm stands after one month of running. Help him. Towards this purpose comply with the following requirements.
Requirements:
1. Analysis of the trial balance as already prepared.
2. Identification of the adjustments needed. Compute depreciation at the rates specified as under:

3. Valuation of inventory. Assume the same basis of valuation as in the case of Bharat Scientific Products Enterprise.
4. Construction of the balance sheet.
5. Construction of the profit and loss account.
6. Brief analysis of the financial statements.

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Car Furniture 20% As per Bharat Scientific Products Enterprise