2.750 Stock Store Trefive expenser 12,800 DE'CT - chole copri perang stock to 600 QUESTION 1 The following balances were extracted from the books of PEACE Lid on 31 December 2020. Dr CE GHE CH Purchases 141,500 Sales 247,500 Inventories at 1 January 2020 -9.000 Distribution costs 20.650 Electricity 4.750 Telephone 1,600 Inrecoverable debt expense -600 Allowance for receivables at 1 January 2020 1,220 Freehold land 16,000 Investment Property 11,000 Administration expenses 40.140 Dividends paid 2.600 Equity Shire capital (GHe shares 25,000 10% Loan Stock 12,500 Retained earnings at 1 January 2020 1,850 Revaluation surplus Fixtures and Fittings at cost 49,100 Fixtures and Fittings, nccumulated depreciation at 01-Jan-20 21,850 Motor vehicles at cost 32,000 Motor Vehicles, accumulated depreciation at 01-Jan-20 9.250 Trade receivables 27,700 Trade payables 32,150 Bank BAND Ensh 89 357.820 357.820 Additional information: Inventories at 31 December 2020 was valued at GH212,300 - Bolshet 1) Included in administrative expenses is rent prepaid of GH42,750 i) The company's depreciation policies are as follows: Fixtures and Fittings Straight line at 20% per annum Motor vehicles - Reducing balance method at 20% per annum The company reviewed the trade receivables at 31 December 2020, and the allowance for receivables should be adjusted to GHC1.850, The interest on the loan stock is outstanding on this year endo VH) The freehold land and investment property were tair valued at GH 21.800 and Het 5.000 respectively on 21 December, 2020 vii) Corporate tux provision was GH 6.000 the year 2020. vii) All other Expenses are to be charged to Administrative Expenses 1 OOO Samsung Triple Camera Shot with my Galaxy Note 10 Lite 2.750 Stock Store Trefive expenser 12,800 DE'CT - chole copri perang stock to 600 QUESTION 1 The following balances were extracted from the books of PEACE Lid on 31 December 2020. Dr CE GHE CH Purchases 141,500 Sales 247,500 Inventories at 1 January 2020 -9.000 Distribution costs 20.650 Electricity 4.750 Telephone 1,600 Inrecoverable debt expense -600 Allowance for receivables at 1 January 2020 1,220 Freehold land 16,000 Investment Property 11,000 Administration expenses 40.140 Dividends paid 2.600 Equity Shire capital (GHe shares 25,000 10% Loan Stock 12,500 Retained earnings at 1 January 2020 1,850 Revaluation surplus Fixtures and Fittings at cost 49,100 Fixtures and Fittings, nccumulated depreciation at 01-Jan-20 21,850 Motor vehicles at cost 32,000 Motor Vehicles, accumulated depreciation at 01-Jan-20 9.250 Trade receivables 27,700 Trade payables 32,150 Bank BAND Ensh 89 357.820 357.820 Additional information: Inventories at 31 December 2020 was valued at GH212,300 - Bolshet 1) Included in administrative expenses is rent prepaid of GH42,750 i) The company's depreciation policies are as follows: Fixtures and Fittings Straight line at 20% per annum Motor vehicles - Reducing balance method at 20% per annum The company reviewed the trade receivables at 31 December 2020, and the allowance for receivables should be adjusted to GHC1.850, The interest on the loan stock is outstanding on this year endo VH) The freehold land and investment property were tair valued at GH 21.800 and Het 5.000 respectively on 21 December, 2020 vii) Corporate tux provision was GH 6.000 the year 2020. vii) All other Expenses are to be charged to Administrative Expenses 1 OOO Samsung Triple Camera Shot with my Galaxy Note 10 Lite