ANSWER ALL QUESTIONS HANDWRITTEN SUBMISSION ALLOWED 1) The following balances were taken from the books of Mr Apo Swerve, a retail trader GHS GHS 3,970 15,884 1,160 1,427 180 274 4,210 5,200 9,850 721 47,767 Stock(1/1/2011) Purchases Electricity Carriage inwards Insurance Repairs Furniture & Equipment Buildings Wages & salaries General expenses Sales Returns Inwards Rent Provision for doubtful debts Carriage Outwards Accumulated depreciation(1/1/11) Furniture & Equipment Buildings Debtors Discount allowed Discount received Returns outwards Creditors for goods Capital Cash at bank 352 3,620 369 310 536 535 7,800 93 157 120 2,600 7,000 4,033 59,084 59,084 c. Additional information a. Wages and salaries due but not yet paid on 31st December, 2011amounted to GHS 186 b. Inventory of goods after stocktaking on December 31, 2011 was GHS 3,790 The amount paid for insurance covers a period of eighteen (18) months. d. Depreciation on furniture and equipment was provided at the rate of 20% on the reducing balance method. e. Depreciation on buildings was provided at the rate of 10%, straight line method f. Provision for doubtful debt is currently GHS 300 Required: Prepare an Income Statement and a Statement of financial Position for the period. Use the prepared financial Statements to; Extract: i. The Net Sales figure (2 marks) ii. The Goods available for sale figure (2 marks) iii. The Gross Profit/Loss figure (2 marks) iv. The Total Expenses figure (2 marks) v. The Net Profit/Loss figure (2 marks) vi. The total Fixed Assets (N.B.V.) figure (2marks) vii. The total Current Assets(N.B.V.) figure (2 marks) viii. The Total Assets figure (2 marks) ix. The Net Assets figure (2 marks) x. The total Accumulated Depreciation figure (2 marks)