Teddy Lincoln is a sole trader who operates a business in Port Antonio, Jamaica. On May 31, 2014 the following Trial Balance was extracted from his accounting records: (i) Stock as at May 31,2014 was $4,200,000. (ii) Depreciation is to be charged as follows: Motor Vehicles 20% reducing balance; Office Furniture 10% on cost. (iii) The provision for bad and doubtful debt is to be adjusted to one percent ( 1% ) of debtors. (iv) On May 31, 2014$40,000 was outstanding for rent, while insurance of $50,000 related to 2015 . (v) Carriage inwards of $20,000 was paid for goods that were to be received in January 2015 . Required: (a) Prepare Teddy Lincoln's Trading \& Profit \& Loss Accounts for the financial year ending May 31, 2014. (38 marks) Prepare a Balance Sheet Extract showing the values of Teddy Lincoln's Capital and Liabilities (ONLY) for May 31, 2014. (12 marks
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