Bobby Limited has the following trial balance as at $31$ May $2023$

Additional information as at $31$ May $2022$

$($i$)$ Closing stock was valued at $GH465,000.$

$($ii$)$ There are electricity expenses of $GH88,000$ outstanding.

$($iii$)$ Insurance expenses include GH $$14,000$ for June and July $2022.$

$($iv$)$ Plant is depreciated at $20\%$ per annum using the reducing balance method. Plant depreciation should

be apportioned in accordance with note $($ix$).$

$($v$)$ Buildings are depreciated at $5\%$ per annum on their original cost. Building depreciation should be

apportioned in accordance with note $($ix$).$

$($vi$)$ Land is to be valued at GH $1,550,000$ as from $31$ May $2022.$

$($vii$)$ Tax has been calculated as $GH310,000$ for the year.

$($viii$)$ The intangible assets were purchased on $1$ December $2022$ and have a useful life of four years from

that date. Amortisation should be apportioned in accordance with note $($ix$).$

$($ix$)$ The expenses listed above should be apportioned as indicated:

Discounts received

Insurance

Electricity expenses

Wages and salaries

Director's remuneration

Depreciation: Plant

Distribution

Administrative

sales costs

expenses

$-$

$50\%$

$20\%$

$30\%$

$100\%$

$100\%$

$20\%$

Amortisation of intancible assets

$($ix$)$ The expenses listed above should be apportioned as indicated:

Required

Prepare the following financial statements for Bobby Limited in accordance with IAS $1$: Presentation o

Financial Statements, show all workings:

$($a$)$ Statement of profit or loss and other income for the year ended $31$ May $2022$

$($b$)$ Statement of financial position as at $31$ May $2022.$