From the following information, prepare statement of Profit & Loss of Shubham Ltd., for the year ending 31 March, 2017 :
Sales Rs 45,00,000; Cost of Material Consumed Rs 8,00,000; Purchase of Stock-in-Trade Rs 30,00,000; 10% Debentures (Issued on 01-04-2016) Rs 2,00,000; Depreciation on Machinery Rs 50,000; Interest received Rs 60,000; Wages Rs 1,80,000; Salaries Rs 60,000; Sales of Scrap Rs 10,000; Opening Stock-in-Trade Rs 3,00,000; Closing stock-in-Trade Rs 5,00,000.
