Firm ABC Limited

Balance Sheet as on March 31

2019 2020
Liabilities
Equity share capital 120000 120000
General reserves 48000 91000
Long term loans 91000 84500
Creditors 33500 26000
Outstanding expenses 3000 0
Other current liabilities 4500 3250
Total 300000 325000
Assets
Plant [net of accumulated depreciation] 201000 195000
Cash 27000 39000
Debtors 30000 32500
Inventories 42000 58500
Total 300000 325000

Income Statement for the year ended March 31

2019 2020
Gross Sales 259000 336000
Less: Returns 14000 21000
Net Sales 245000 315000
Less: COGS 133000 150500
Gross Profit 112000 164500
Less: Selling, general and admiistrative cost 35000 50400
Operating Profit 77000 114100
Less: Interest expenses 14000 11900
Earnings before taxes 63000 102200
Less: Taxes 22050 36050
Earnings after taxes 40950 66430