From the following Trial Balance and Adjustments given below, prepare the Trading and Profit and Loss Account for the year ended on [tex]$31^{\text{st}}$[/tex] March, 2016 and Balance Sheet as of that date for M/s Durgesh and Dinesh:

Trial Balance as on [tex]$31^{\text{st}}$[/tex] March, 2016

\begin{tabular}{|l|r|l|r|}
\hline
\multicolumn{1}{|c|}{Debit Balance} & \begin{tabular}{c}
Amount \\
(₹)
\end{tabular} & \multicolumn{1}{|c|}{Credit Balance} & \begin{tabular}{c}
Amount \\
(₹)
\end{tabular} \\
\hline
Opening stock & 9,000 & Capital A/c's & \\
Cash in hand & 1,200 & Durgesh & 17,500 \\
Discount allowed & 450 & Dinesh & 17,500 \\
Salaries & 650 & Sales & 23,600 \\
Land and building & 25,000 & Sundry creditors & 14,500 \\
Furniture & 9,000 & Bills payable & 3,500 \\
Plant and machinery & 11,000 & Bank loan & 10,000 \\
Sundry debtors & 12,500 & Discount received & 750 \\
Interest paid & 425 & Purchase return & 1,100 \\
Printing and stationery & 600 & & \\
Purchases & 16,000 & & \\
Wages & 1,400 & & \\
Sales return & 900 & & \\
\hline
\end{tabular}

Adjustments:
1. The stock on hand on [tex]$31^{\text{st}}$[/tex] March, 2016 was valued at ₹ 14,500.
2. Outstanding salary was ₹ 350.
3. Wages paid in advance to workers ₹ 600.
4. Depreciate land and building at [tex]$5\%$[/tex] p.a. and plant and machinery at [tex]$10\%$[/tex] p.a.
5. Write off ₹ 500 for further bad debts.