Styles Jim Lyn Manufacturing Company produces goods that are sold locally and in CARICOM. On December 31, 2015 the following information was extracted from the company records: Trial Balance as at December 31, 2016 Details Accounts Dr $ Cr$ Direct expenses 4,000,000 Office furniture 6.000.000 Provision for depreciation on office furniture 3,000,000 Direct raw materials, January 1, 2016 8,000,000 Electricity 3,800,000 Provision for bad and doubtful debts 400,000 Provision for unrealized profit 500.000 Carriage inwards for raw materials 1,700,000 Bad debts 400,000 Net sales 90,000,000 Cash at bank 12.000.000 Debtors 10,000,000 Production workers salaries 15,000,000 Motor vehicle repairs 3,000,000 Work-in-progress, January 1, 2016 4,000,000 Insurance 1,000,000 Creditors 5.000.000 Capital 29.400.000 Wages of production supervisors 6.800.000 Cash in hand 700,000 Rent 4,200,000 Purchases of direct raw materials 20,000,000 Machinery 15.000.000 Accumulated depreciation machinery 6.000.000 Indirect material costs 3.200.000 Finished goods, January 1, 2016 5,500,000 Motor vehicles 14.000.000 4.000.000 Provision for depreciation on motor vehicles Total 138.300.000 138.300.000 LE * Notes: 1. The provision for bad and doubtfuldebts is to be adjusted to $300,000, 2. The company adds 10% mark up to its cost of production 3. Electricity is charged 60% to factory, motor vehicles are used equally between factory and office 4. 70% of insurance charges relates to the factory; while 45% of rent charges are for the office. 5. Depreciation is to be charged as follows: motor vehicles, 20% straight line, machinery, 10% reducing balance; and office furniture and fittings, 5% straight line. 6. Insurance of $100,000 was outstanding as at December 31, 2016; while $50,000 was pre-paid for rent. 7. Stocks on December 31, 2016: Direct raw materials 56,000,000; finished goods 56,700,000; work-in-progress $5,000,000 Required: (a) Prepare a Manufacturing. Trading & Profit & Loss Account for Jim Lyn Manufacturing Company forthe period ending December 31, 2016. (14 marks) (b) Prepare a Balance Sheet as at December 31, 2016. (6 marks) Styles Jim Lyn Manufacturing Company produces goods that are sold locally and in CARICOM. On December 31, 2015 the following information was extracted from the company records: Trial Balance as at December 31, 2016 Details Accounts Dr $ Cr$ Direct expenses 4,000,000 Office furniture 6.000.000 Provision for depreciation on office furniture 3,000,000 Direct raw materials, January 1, 2016 8,000,000 Electricity 3,800,000 Provision for bad and doubtful debts 400,000 Provision for unrealized profit 500.000 Carriage inwards for raw materials 1,700,000 Bad debts 400,000 Net sales 90,000,000 Cash at bank 12.000.000 Debtors 10,000,000 Production workers salaries 15,000,000 Motor vehicle repairs 3,000,000 Work-in-progress, January 1, 2016 4,000,000 Insurance 1,000,000 Creditors 5.000.000 Capital 29.400.000 Wages of production supervisors 6.800.000 Cash in hand 700,000 Rent 4,200,000 Purchases of direct raw materials 20,000,000 Machinery 15.000.000 Accumulated depreciation machinery 6.000.000 Indirect material costs 3.200.000 Finished goods, January 1, 2016 5,500,000 Motor vehicles 14.000.000 4.000.000 Provision for depreciation on motor vehicles Total 138.300.000 138.300.000 LE * Notes: 1. The provision for bad and doubtfuldebts is to be adjusted to $300,000, 2. The company adds 10% mark up to its cost of production 3. Electricity is charged 60% to factory, motor vehicles are used equally between factory and office 4. 70% of insurance charges relates to the factory; while 45% of rent charges are for the office. 5. Depreciation is to be charged as follows: motor vehicles, 20% straight line, machinery, 10% reducing balance; and office furniture and fittings, 5% straight line. 6. Insurance of $100,000 was outstanding as at December 31, 2016; while $50,000 was pre-paid for rent. 7. Stocks on December 31, 2016: Direct raw materials 56,000,000; finished goods 56,700,000; work-in-progress $5,000,000 Required: (a) Prepare a Manufacturing. Trading & Profit & Loss Account for Jim Lyn Manufacturing Company forthe period ending December 31, 2016. (14 marks) (b) Prepare a Balance Sheet as at December 31, 2016. (6 marks)