Question-1 (Marks-15) Following information have been extracted from records of Paul Lee a manufacturer on April 30, 2021: $ Capital 200,000 Drawings 8,000 factory machinery at cost 160,000 office equipment at cost 40,000 Accumulated Depreciation: factory machinery 56,000 office equipment 26,000 Inventory on May 1, 2020 Raw material 26,000 Work in progress 36,000 Finished goods 48,000 Purchase of raw materials 183,000 Revenue (units sold 2000) 680,000 Office equipment disposal account - Dr. 500 Bank ---Dr. 9,700 Direct factory expenses 38,000 Indirect factory expenses 19,700 Production wages 164,500 Rent and rates 22,000 Production management salaries 63,000 Office wages and salaries 69,500 Marketing expenses 27,850 Distribution Costs 62,000 General office expenses 6,700 8% loan-repayable 2025 35,000 loan interest paid 2,100 Provision for doubtful debts 3,000 trade receivables 75,000 trade payables 53,550 Page 1 of 4 Additional Information as at April 30, 2021: 1. Raw materials $29,000 Work in Progress 40,000 Finished goods 55,000 2. Production wages $6,500 were accrued. Marketing expenses $1,350 were prepaid. 3. Rent and rates are to be apportioned on the basis of area occupied i-e 3/4 area is covered by the factory and 1/4 by the office. 4. Depreciation is to be charges as follows: Factory machinery 20% per annum using diminishing balance method. Office equipment at 10% per annum on cost using straight line method. 5. The provision for doubtful debts is to be maintained @6% of trade receivables. Required: 1. You are required to prepare the manufacturing accounts for the year ended April 30, 2021