The Trial balance of ABC Company as on $31^st$ December 2022 is given below: ParticularsDebit (Rs)Credit (Rs)Equity share capital500,000Building400,000Goodwill20,00012% Bank loan100,000Revenue from…

The Trial balance of ABC Company as on $31^{st}$ December 2022 is given below: ParticularsDebit (Rs)Credit (Rs)Equity share capital500,000Building400,000Goodwill20,00012% Bank loan100,000Revenue from operations/sales500,000Purchase200,000Salaries expenses33,000Cash at bank37,000Investment150,000Account payable70,000Account receivable50,000Commission received30,000Prepaid insurance24,000Office rent36,000Equipment200,000Promotional expenses50,000Total1,200,0001,200,000Adjustments:

• Closing stock Rs 30,000
• Depreciation rate of building 5% and equipment 25%
• Salary to be paid Rs 3,000; Prepaid insurance expired Rs 18,000 Required: a. Profit and loss statement for the year ending $31^{st}$ December 2022 as per NFRS. b. Statement of financial position as on $31^{st}$ December 2022 as per NFRS.