Assignments Question 1 Below is the Trial Balance of Comprehensive Company Limited as at 31st /12/2015

Additional Information

Inventory at 31/12/2015 amounted to Ghc30,00

Provision for doubtful debts equal to 10% of debtors should be created

All fixed asset should be deprecating at 10% on straight line method

25% should be provided as company tax.

Rent paid in advance amounted to 1500.

Required: A. Statement of Comprehensive Income for the year 2015. (15marks)

B.Statement of Changes in Equity. (5marks)

C. Statement of Financial Position. ( 10marks)

Debit Credit Particulars Ghe Ghc Purchases 80,000 Inventory at 1st Jan,2015 | 30,000 Discounts 3000 5000 Commission 1000 2000 Debtors and Creditors 15,000 25,000 Revenue 250,000 Wages and Salaries 10,000 Rent 1,500 1,800 Interest 2000 3000 Dividends 30,000 Bad debts 10,000 15,000 Equipment 40,000 Motor Van 60,000 Land 100,000 Provision for depreciation Equipment 5000 Motor Van 20000 Provision for bad debts 1000 Sundry expense 15,000 10,000 Stated Capital Accumulated Profit 50,000 9,700 397,500 397500 Debit Credit Particulars Ghe Ghc Purchases 80,000 Inventory at 1st Jan,2015 | 30,000 Discounts 3000 5000 Commission 1000 2000 Debtors and Creditors 15,000 25,000 Revenue 250,000 Wages and Salaries 10,000 Rent 1,500 1,800 Interest 2000 3000 Dividends 30,000 Bad debts 10,000 15,000 Equipment 40,000 Motor Van 60,000 Land 100,000 Provision for depreciation Equipment 5000 Motor Van 20000 Provision for bad debts 1000 Sundry expense 15,000 10,000 Stated Capital Accumulated Profit 50,000 9,700 397,500 397500