Please answer this accounting question. I have a very important exam and no matter how many times I try my balance sheet doesnt tally, and the profit and loss also is wrong. Please answer in detail with every step and calculation. it would be very helpful for me please. Solve it fully. Paras Modi, an innovator, created a working model of a new and improved commercial paint spray, which he had patented. The patent had a legal life of $10$ years. Modi was eager to exploit his patent commercially. He started Paras Industries to produce paint spray on $1$ April $2021$ by investing INR $500,000$ in capital out of which INR $300,000$ has been contributed as cash and for the remaining capital he transferred his patent to the newly incorporated firm. On April $6,2021,$ he applied for a bank loan of INR $200,000$ from ICICI Bank and his loan was approved and received on April $20,2021.$ At the same time, he took one old building on a $5-$year rental contract. As per the contract, five$-$year rent of INR $50,000$ was to be paid upfront. After five years contract would be renewed. The agreed rent amount of INR $50,000$ was paid in cash on April $2,2021.$ In order to establish its first plant, he purchased equipment of INR $100,000$ from Universal Machinery on a credit basis. An amount of INR $10,000$ was paid in cash for the installation of the equipment. Subsequently, he purchased chemicals and other raw materials costing INR $150,000$ from the newly explored suppliers in Ahmedabad for cash. He also purchased office supplies for INR $8,000$ for cash on April $15,2021.$ He hired production managers on $1$ May on a monthly salary of INR $5,000$ to be paid on the last day of every month. On the same day, he also hired two helpers on a monthly salary of INR $2,000$ each. On June $1,2021,$ he took a short$-$term bank loan of INR $20,000$ for working capital needs. The short$-$term loan was repaid on $31$ September $2021$ with an interest amount of INR $5,000.$ In July Paras Modi got his first order of paint spray for INR $450,000.$ He delivered the order in the month of August to Apex Company and received the cash in return. Paras Modi got his second order for supplying paint spray to Samagam Builder on $15$ February $2022$ for INR $100,000.$ He delivered the order on $10$ March $2022$ and provided a credit period of $45$ days to the customer.

Following is the additional information available for his business during the year ending $31$ March $2022$:

Equipment was depreciated at the rate of $10\%$ per annum on a written$-$down value basis.

Amortization on the Patent was INR $20,000$ for the year.

Inventory of chemicals and other raw materials was INR $5,000$ on $31$ March $2022.$

Advertisement expenses incurred for marketing and promotion were INR $10,000$ for the year.

Tax applicable to the business is $30\%$ of net profit.

Modi paid an advance salary of INR $5,000$ for the month of April $2022$ to the production manager on $31$ March $2022.$

Telephone expenses paid INR $3,000$ for the year.

General, and administration costs, totalled INR $9,450$ paid for the year.

Inventory of office supplies was INR $3,000$ on March $31,2022.$

On March $20,2022,$ Paras Modi had withdrawn INR $1,000$ from the business for his personal use.

Required:

A$.$ You are required to prepare the statement of profit and loss of Paras Industries for the year ending $31$ March $2022.$

B$.$ You are required to prepare the Balance Sheet of Paras Industries as on $31$ March $2022.$