The Trial Balance of KK company as of 31st December 2023 is given below: Particulars Debit (Rs.) Credit (Rs.) Equity share capital - 300,000 Building…

The Trial Balance of KK company as of 31st December 2023 is given below:

Particulars	Debit (Rs.)	Credit (Rs.)
Equity share capital	-	300,000
Building	200,000	-
Copyright	20,000	-
10% Debenture	-	100,000
Interest on Debenture	5,000	-
Revenue from operation	-	470,000
Purchases	250,000	-
Salaries & wages	35,000	-
Cash at bank	40,000	-
8% Investment	100,000	-
Account payable	-	76,000
Account receivable	40,000	-
Commission received	-	18,000
Prepaid insurance	24,000	-
Office rent	26,000	-
Plant & Equipment	200,000	-
Marketing expenses	30,000	-
Interest on investment	-	6,000
Total	970,000	970,000

Adjustment:

Stock at the end of the year Rs 50,000.

 Depreciation on Building is 5% and Plant & Equipment is 15%.

 Salary to be paid Rs 5,000.

 Prepaid insurance expired during the year Rs 20,000.

Required:

 a) Profit and Loss Statement for the year ending 31st December.

 b) Statement of Financial Position as on 31st December.