The Trial Balance of KK company as of 31st December 2023 is given below: ParticularsDebit (Rs.)Credit (Rs.)Equity share capital 300,000Building200,000 Copyright20,000 10% Debenture 100,000Interest…

The Trial Balance of KK company as of 31st December 2023 is given below: ParticularsDebit (Rs.)Credit (Rs.)Equity share capital-300,000Building200,000-Copyright20,000-10% Debenture-100,000Interest on Debenture5,000-Revenue from operation-470,000Purchases250,000-Salaries & wages35,000-Cash at bank40,000-8% Investment100,000-Account payable-76,000Account receivable40,000-Commission received-18,000Prepaid insurance24,000-Office rent26,000-Plant & Equipment200,000-Marketing expenses30,000-Interest on investment-6,000Total970,000970,000 Adjustment: ➢ Stock at the end of the year Rs 50,000. ➢ Depreciation on Building is 5% and Plant & Equipment is 15%. ➢ Salary to be paid Rs 5,000. ➢ Prepaid insurance expired during the year Rs 20,000. Required: a) Profit and Loss Statement for the year ending 31st December. b) Statement of Financial Position as on 31st December.