QUESTION 1 1. The Following balances were obtained from the books of The Future Ink Company LTD for the year ending March 31, 2021 DETAILS DR CR General Reserve 50,000 Building 75000 10% Debenture 70000 Sales 3,500000 Purchases 2800000 Camage Inwards 4000 Delivery Charges 15000 Salesmen Salary 80000 Rent and Rates 100000 Insurance 14700 Light and Heating 12300 Repairs and Maintenance 21200 Office Salaries 50000 Salesmen Commission 17400 Auditors fees 1500 Directors fees 20000 Interim Ord Shares Dividend 4000 Fumiture and fittings 82000 Provision for Depreciation (Fumiture & Fittings) 32800 Ord. Share capital @$0.50 100000 Provision for Bad Debt 13000 Debtors 160000 Creditors 180000 Goodwill 300000 Stock at April 1,2020 80000 Retained earnings bld 35750 Interest Paid 3500 Short Term Deposits 10000 Cash at Bank 150950 10% Pref Shares 20000 4,001,550 4.001.550