prepare teddy lincoln tarding profit and loss accoutns for the financial year ending may 31, 2014

Trial Balance as at May 31, 2014 \begin{tabular}{|l|c|c|} \hline \multicolumn{1}{|c|}{ Details } & $ & $ \\ \hline Sales returns & 250,000 & \\ \hline Stationery & 390,000 & \\ \hline Carriage inwards & 420,000 & \\ \hline Office furniture & 3,200,000 & \\ \hline Provision for depreciation on furmiture & & 440,000 \\ \hline Sales & & 17,250,000 \\ \hline Debtors & 4,000,000 & \\ \hline Insurance & 300,000 & \\ \hline Drawings & 500,000 & \\ \hline Cash at bank & 5,955,000 & \\ \hline Rent & 1,000,000 & \\ \hline Stock, June 1,2013 & 3,750,000 & \\ \hline Return outwards & & 375,000 \\ \hline Salaries & 4,500,000 & \\ \hline Cash in hand & 800,000 & \\ \hline Provision for bad \& doubtful debts & & \\ \hline Carriage outwards & & 100,000 \\ \hline Discount allowed & & \\ \hline Purchases & & \\ \hline Creditors & & \\ \hline & 500,000,000,000 \\ \hline \end{tabular} (1) 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 Teddv Lincoln's Trading \& Profit \& Loss Accounts for the financial vear ending