Divya failed the accounting in school and ran away from home. She started working as a building assistant earning between INR 10,000 and INR 15,000 a month. The job was uninteresting and strenuous. Soon she learnt driving and joined a leading car fleet on revenue sharing terms. Her monthly earnings averaged INR 20,000.

On April 1, 20XX, she started Point Cabs, her own taxi business. She took a bank loan of INR 500,000 and invested her savings of INR 100,000 to buy a car costing INR 600,000. In addition, she invested INR 18,000 for meeting day-to-day cash needs. All cash receipts and payments were through her bank account.

She was lazy in maintaining a detailed accounting record and scribbled her activities in a rough notebook. The following are the entries for April.

Date	Transaction
April 1	Started business with savings of INR 118,000
April 1	Took a bank loan of INR 500,000 to be repaid in monthly instalments of INR 10,000 with interest at 18% per annum
April 1	Bought a car for cash INR 600,000
April 1	Bought an airport parking license for April, INR 10,000
April 1	Paid for fuel, INR 3,600
April 2	Collected from customers INR 1,700
April 3	Collected from customers INR 1,100
April 4	Collected from customers INR 1,300
April 5	Collected from customers INR 3,100
April 6	Collected from customers INR 1,200
April 7	Collected from customers INR 1,600
April 8	Paid for fuel, INR 6,100
April 8	Collected from customers, INR 2,400
April 9	Collected from customers, INR 2,200. A customer did not pay a bill of INR 900 and will pay next month
April 10	Collected from customers, INR 1,300
April 11	Collected from customers, INR 1,700
April 11	Bought a mobile phone for cash for business use, INR 12,000
April 12	Collected from customers, INR 1,100
April 13	Collected from customers, INR 1,800

April 14	Collected from customers, INR 1,100
April 15	Collected from customers, INR 600
April 15	Paid for fuel, INR 5,300
April 16	Collected from customers, INR 1,800
April 17	Collected from customers, INR 1,900
April 17	Paid a fine for speeding, INR 500
April 18	Collected from customers, INR 1,100
April 19	Collected from customers, INR 1,100
April 20	Collected from customers, INR 4,500
April 21	Paid for fuel, INR 3,400
April 21	Collected from customers, INR 4,400
April 22	Collected from customers, INR 2,100
April 23	Collected from customers, INR 2,600
April 24	Collected from customers, INR 2,900
April 25	Collected from customers, INR 3,700. Change of INR 120 not returned will be adjusted next time
April 26	Collected from customers, INR 3,100
April 27	Filled fuel for INR 3,920 and paid INR 3,240. The balance will be paid next time.
April 27	Collected from customers, INR 3,200
April 28	Collected from customers, INR 2,900
April 29	Repaired a side-view mirror damaged in an accident, INR 750
April 29	Collected from customers, INR 4,700
April 29	Paid taxi drivers union subscription for the month, INR 500
April 30	Collected from customers, INR 4,100
April 30	Withdrew for personal purposes, INR 11,200
April 30	Paid substitute drivers salary, INR 8,000
April 30	Earned interest of INR 130 on bank balance
April 30	Paid the bank, INR 17,500

Required:

1. Analyze the effects of the transactions on the accounting equation in as much detail as possible with detailed headers as well. Each transaction needs to be shown separately and not clubbed together.
2. Prepare the financial statements for April 20XX. Income statement, Balance Sheet and Cash flow statement (direct method)
3. Evaluate the performance of the business by calculating relevant ratios based on the information available.