8. a) Compare the differences between Trial Balance and Balance Sheet b) The following balances were extracted from the ABC Company on 315 December, 2019. Using the balances and the notes given below prepare the following. I. Profit and loss account for the year ended 31st December, 2019. II. The balance sheet as at that date. Balances as at 31st December, 2019 Debit (Rs '000) Credit (Rs'000) 20575 42000 71800 8100 4250 5420 125 Capital Purchases Sales Trade Debtors Trade Creditors Stock on 1st January 2019 Purchase Returns Balances at bank Drawings Motor Van Expenses Motor Van Rent and rates Salaries Reserve for doubtful debts Bad Debts General Expenses Discount Allowed Discount received Insurance Sales Return 7100 6600 620 7250 950 15120 450 350 2150 2025 1125 420 220 98325 98325 Notes: I. II. III. Salaries and rent accrued but not paid Rs.840,000 and Rs.160,000 respectively. Insurance paid in advance is Rs.60, 000. Maintain the reserve for doubtful debts at Rs.350,000. Depreciation on Motor Van to be made at 10%. Closing stock on 31" Dec, 2019 was valued Rs.5, 540,000. IV. V