ANSWER ALL QUESTIONS HANDWRITTEN SUBMISSION ALLOWED 1) ABC Company LTD, has an accounting year end of 31 October. The accountant is preparing the financial statements as at 31 October 2019 and requires your assistance. The following trial balance has been extracted from the general ledger Account Dr Cr GHS GHS 6,000 Buildings at cost 74,000 Building accumulated depreciation, 1 November 2018 Plant at cost 22,000 Plant accumulated depreciation, 1 November 2018 Bank balance 11,000 7,000 180,000 114,000 16,000 2,000 Revenue Net purchases Inventory at 1 November 2018 Cash Trade payables Trade receivables Administrative expenses Allowance for receivables at 1 November 2018 Retained earnings at 1 November 2018 25,000 32,000 32,500 1,000 62.500 292,500 292,500 The following additional information is also available: The allowance for receivables is to be increased to 5% of trade receivables. The allowance for receivables is treated as an administrative expense. Plant is depreciated at 20% per annum using the reducing balance method Buildings are depreciated at 5% per annum on their original cost. Depreciation is treated as a cost of sales expense. Closing inventory has been counted and is valued at GHc7, 500 An invoice of GHS1, 500 for energy costs relating to the quarter ended 30 November 2019 was received on 2 December 2019. Energy costs are included in administrative expenses. Required: i) Prepare the Income Statement (7 marks) The statement of financial position of ABC CO LTD as at 31 October 2019.8 marks) ii)