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1. Kumar and Jyothi have a partnership business. The position of their firm as on March 31 2016 and 2015 is given in the financial statements given below. You are required to prepare comparative statements and provide comments Summarized Balance Sheet Liabilities 2016 2015 Assets 2016 2015 Capital Accounts 71,750 59,500 Fixed Assets 52,500 43,750 Bank Loans 14,000 10,500 Investments 3,500 1,750 Sundry Creditors 38,500 35,000 Stock-in-trade 21,000 17,500 Sundry Debtors 31,500 26,250 Loans and Advances 14,000 14,000 Cash and Bank 1,750 1,750 1,24,250 1,05,000 1,24,250 1,05,000 Summarized Income Statement Particulars 2016 2015 Net Sales 42,000 36,500 Less: Cost of Sales 31,500 29,750 Gross Margin 10,500 8,750 Operating Expenses 8,750 7,000 Net Profit Before Tax 1,750 1,750