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Following is the Balance sheet of Sonymax ( India ) Limited, as on 31st March, 2017 , a
company engaged in FMCG products. ( All figures in lacs)

Capital & Liabilities Amount

Equity Capital of Rs.10 each 30.00

Reserves & Surplus 53.00

Non-Current Liab

12% Debentures 20.00

Current Liabilities

Trade Payables 11.00

Total Liabilities 114.00

Fixed Assets- Tangible 60.00

Less : Depreciation 20.00

Net Block 40.00

Fixed Assets – Intangibles

Software 4.00

Non-Current Investments 21.00

Long term Loans & Adv.

Loans to employees 5.00

Loan to Group Co. 20.00

Current Assets

Stock 8.50

Trade Receivables 3.50

Cash at Bank 12.00

Total 114.00
During the year 17-18, Company has achieved sales of Rs.110 Lacs out of
which Rs.10 lacs not yet received from customer. Purchase of Material
Rs.50 lacs ( amount not yet paid Rs.9 lacs), Employee Cost Rs.6 lacs, fully
paid, Other operating expenses Rs.26.00 lacs ( amount unpaid Rs.2 lacs).

Company has paid interest on debentures of Rs.2.40 and charged

depreciation @10% on the tangible fixed assets on gross value and
amortized Rs.1 lac from software.

During the year, company sold investment costing Rs.10 lacs for Rs.15
lacs . Company has received Rs.5 lacs from group company against loan
given and received Rs.1 lac against loans given to employees.

At the end of the year raw material lying in stores is Rs.5 Lacs . One
customer from whom Rs.3 were receivable has become bankrupt and
management has booked this amount as loss. Company has paid interim
dividend of Rs.3 lac . Corporate Tax paid @30%.

Prepare Profit & Loss Account and Balance Sheet as on 31st Mach, 2018
assuming that previous years Trade payables are paid in this year and
previous years Trade receivables are received in this year.