Below is the Trial Balance for TK & Company Limited as at 31 December 2020.

TK & Company Limited Trial Balance as at 31 December 2003

Cash at hand	2,000
Cash at bank	4,000
Land, cost	100,000
Motor vehicle at cost	10,000
Accumulated depreciation Motor vehicle		2,000
Equipment at cost	20,000
Accumulated depreciation (equipment)		4,000
Stock 1st January (opening stock)	1,000
Trade debtors	5,000
Provision for bad debts		2,000
Trade creditors		3,000
Sales		200,000
Purchases	110,000
Discount allowed	2,000
Discount received		1,000
Purchases returns (return outwards)		5,000
Sales returns (returns inwards)	10,000
Carriage inwards	6,000
Salaries	8,000
Salaries payable (accrued salaries)		15,000
Rent	1,800
Electricity	7,000
Bad debts	1,200
Capital		26,000
Long term bank loan		30,000
	288,000	288,000

Additional Information:

• Closing stock at the end of the financial year was valued at GH20,000,000
• Salaries of GH15,000,000 accrued or remained outstanding at the end of the year and were not recorded in the trial balance.
• Half of the rent paid is for the following financial year ending December 31, 2021.

Depreciation is to be accounted for on the following basis:
o Land & Building	5%
o Motor vehicles	20%
o Equipment and furniture	10%

• Depreciate fixed assets by 20% on the cost at the end of the year
• 20% of trade debtors are expected to default a provision against bad debts should be made.
• Corporate tax rate is 25%

Required:

Prepare the following financial statements of TK Limited by relevant legislation and international reporting standards (IFRS):

1. The Statement of Comprehensive Income for the year ended December 31, 2020.
2. The Statement of Changes in Equity for the ended December 31, 2020.
3. The Statement of Financial Position as at December 31, 2020.