Question 2 (60 marks) Spring Limited and Autumn Limited are in the same line of business. Their accounts for the year ended December 31, 2021 were as follows. Profit And Loss Account For the year ended December 31, 2021 Spring Limited Autumn Limited (S) (S) (S) (S) Sales 303,750 232,500 Less: Cost Of Sales Opening Stock 18,900 6,650 Add: Purchases 187,350 68,750 206,250 75,400 Less: Closing Stock (56,700) (15,000) Cost Of Sales 149,550 60,400 Gross Profit 154,200 172,100 Less: Operating Expenses 79,200 $2,100 Net Profit 75,000 120,000 Balance Sheet As at December 31, 2021 Spring Limited Autumn Limited (S) (S) (S) (S) Fixed Assets Fixed Assets At Cost 141,750 122,500 Less: Accumulated Depreciation (28,350) (21,900) 113,400 100,600 Current Assets Stock 56,700 15,000 Debtors 59,600 118,100 Cash And Bank 28,300 8,800 144,600 141,900 Less: Current Liabilities Creditors (58,000) (22,500) Working Capital 86,600 119,400 200,000 220,000