Summarised Balance Sheet of Cloth Trader as on 31.03.2023 is given below: Liabilities Amount (₹) Assets Amount (₹) Proprietor's Capital 3,00,000…

Summarised Balance Sheet of Cloth Trader as on 31.03.2023 is given below: Liabilities Amount (₹) Assets Amount (₹) Proprietor's Capital 3,00,000 Fixed Assets 3,60,000 Profit & Loss Account 1,25,000 Closing Stock 1,50,000 10% Loan Account 2,10,000 Sundry Debtors 1,00,000 Sundry Creditors 50,000 Deferred Expenses 50,000 Cash & Bank 25,000 6,85,000 6,85,000 Additional Information is as follows : (1) The remaining life of fixed assets is 8 years. The pattern of use of the asset is even. The net realisable value of fixed assets on 31.03.2024 was - 3,25,000. (2) Purchases and Sales in 2023-24 amounted to 22,50,000 and - 27,50,000 respectively. (3) The cost and net realizable value of stock on 31.03.2024 were - 2,00,000 and - 2,50,000 respectively. (4) Expenses for the year amounted to 78,000. (5) Deferred Expenses are amortized equally over 5 years. (6) Sundry Debtors on 31.03.2024 are - 1,50,000 of which - 5,000 is doubtful. Collection of another - 25,000 depends on successful re-installation of certain product supplied to the customer; (7) Closing Sundry Creditors are - 75,000, likely to be settled at 10% discount. (8) Cash balance as on 31.03.2024 is 4,22,000. (9) There is an early repayment penalty for the loan of 25,000. You are required to prepare Profit & Loss Account for the year 2023-24 (Not assuming going concern).