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A start$-$up company, Pace Inc., received funding from two sharks$*$ jointly in the Shark Tank$*$

A new accountant at the company has prepared a Trial Balance using the information for the last two years.

Trial balance for the year ended Mar $31,2022$

Account Title Head of Account Debit Amount $($$$)$ Credit Amount $($$$)$

Share Capital Owner$`$s equity $500,000$

Bank Loan Non$-$Current liability $100,000$

Share capital $$ Peyush Bansal Non$-$Current liability $100,000$

Trade payable Current liability $50,000$

Outstanding Rent Current liability $5,000$

Other current liabilities Current liability $80,000$

Equipment Non$-$current tangible asset $200,000$

Furniture Non$-$current tangible asset $400,000$

Patents Non$-$current intangible asset $100,000$

Trade receivables Current asset $80,000$

Cash balance Current asset $105,000$

Bank balance Current asset $200,000$

Revenue Indirect Income $360,000$

Purchases Direct Expense $100,000$

Salaries Indirect Expense $20,000$

Rent of building Indirect Expense $10,000$

Accumulated Depreciation on tangible assets Current liabilities $50,000$

Dividend expense during the year Indirect Expense $30,000$

$1,245,0001,245,000$

Note: a$)$ There is no opening stock for the company.

b$)$ Closing Stock as on $31\mathrm{.}03\mathrm{.}2022$ is $50,000$

c$)$ Dep for the year is :

Equipment$-10\%$ on cost

Furniture$-7\mathrm{.}5\%$ on cost

d$)$ Patents are not to be amortised

e$)$ During the year, New equipment was purchased for $100,000($Dep to be given for the full year$)$

f$)$ At the start of the year, Furniture costing $50,000($Carrying value $40,000)$ was sold at a loss of $35,000$

$($No Dep for current year to be given$)$

You are provided with the following financial statements:

Income statement

Balance sheet

Cash flow statement

Using the information in the Trial Balance and note, complete the financial statements by computing and filling in the missing numbers.

Statement of Income for the year ended $31$ Mar $2022$

Particulars Amount $($in $$)$ Amount $($in $$)$

Revenue $360,000$

Less: Cost of goods sold

Purchases $------------$

Less: Closing Stock $(50,000)50,000$

Gross profit for the year $------------$

Less: Indirect expenses

Salaries $20,000$

Rent of building $----------$

Loss on sale of furniture $----------$

Depreciation on tangible asset $----------$

Dividend expense during the year $30,000125,000$

Net profit for the year $-----------$

Balance Sheet as on $31$ Mar $2022$

Particulars Amount $($$$)$ Amount $($$$)$

Non$-$current assets

a$)$ Fixed assets

i$)$ Tangible assets

Equipment $----------$

Furniture $300,000550,000$

i$)$ Intangible assets

Patents $----------100,000$

Current assets

Inventories $50,000$

Trade receivables $----------$

Cash balance $(5000+100000+35000-1,00,000)40,000$

Bank balance $------------370,000$

$----------$

Equity and liabilities

Shareholder$$s Funds

a$)$ Share Capital

Own capital $500,000$

Peyush Bansal $-----------$

a$)$ Reserves and Surplus

Balance is Statement of Profit and Loss $-------------785,000$

Non$-$current liabilities

a$)$ Bank Loan $-------------$

Current liabilities

a$)$ Trade payables $-------------$

a$)$ Outstanding rent $-------------$

a$)$ Other current liabilities $-------------235,000$

$1,020,000$

The following additional information is provided for the Cash Flow Statement.

a$)$ Dividend paid during the year $=30,000$

b$)$ Opening balances as on $01\mathrm{.}04\mathrm{.}2021$ are as follows:

i$)$ Patent $=105,000$

ii$)$ Investments by Peyush Bansal $=0$

iii$)$ Trade receivable $=40,000$

iv$)$ Cash Balance $=3,000$

v$)$ Bank Balance$=20,000$

vi$)$ Share capital $=500,000$

vii$)$ Bank Loan $=50,000$

viii$)$ Trade payables $=55,000$

ix$)$ Outstanding Rent $=3,000$

x$)$ Other current liabilities$=40,000$

Use the Trial Balance and the additional information to fill in the missing numbers for the Cash Flow Statement.

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