The balances below were taken from the books of Level 100 – First Semester Enterprise as at 31/03/20
GH¢
GH¢
Plant & Machinery at cost
200,000
Depreciation on P/M
40,000
Motor Vehicles
40,000
Depreciation on Vehicles
16.000
Trade Receivables / Payables
90,000
12,000
Opening Inventory
60,000
Bank
72,000
Capital
280,000
Purchases and Sales
220,000
400,000
Salaries
29,000
Motor Expenses
12,000
Rates & Insurance
3,000
Loan Interest
6,000
General Expenses
16,000
748,000
748,000
You are given the following information:
1. Closing stock has been valued at GH¢50,0002. There is a salary of GH¢ 2,000 due to the staff. 3. Motor Expenses a prepayment GH¢200. 4. Depreciate Plant and Machinery is 10% on cost and 25% on reducing Balance for Motor Vehicles.5. Bad debts of GH¢500 is to be written off. Provision for doubtful debts is 2% of receivables.6. Goods taken for personal use amounts to GH¢2,000 whiles a cheque of GH¢20,000 was signed to pay his wife’s trip abroad.
Required:
Prepare the Income Statement and Statement of Financial Position for the year 31 March, 2020.
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