Bhuvan Ltd discovered in 2009 that its opening inventory for 2008 was overstated by Rs 16,250. Its 2009 financial statements showed sales of Rs 2,60,000, cost of goods sold of Rs 2,16,250 which incorrectly included the Rs 16,250 error, and income tax of Rs 13,125. Bhuvan Ltd's 2008 financial statements showed sales of Rs 1,83,750, cost of goods sold of Rs 1,33,750, profit before tax of Rs 50,000, income tax of Rs 15,000, and profit after tax of Rs 35,000, with an opening retained earnings of Rs 50,000 and closing retained earnings of Rs 85,000.