Dr. You are given the trial balance of Twumasi Ltd as on 31" December, 2011 as follows Cr. GH GHC Stated Capital (issued at GH1 per share) 425,000 Receivables and payables 154,000 90,000 Inventory 31" December, 2010 68,000 Bank 210,000 Premises at cost 288,700 Machinery at cost 125,700 Depreciation provision at 31/12/2011 Premises 54,000 Machinery 36,000 Motor vehicle 21,000 Income Surplus (at 31/12/2011) 52,000 Director's remuneration 76,000 Sales 890,000 Purchases 527,000 Motor expenses 3,800 Wages and salaries 4,600 Repairs to machinery 2,900 Sundry expenses 3,000 1,568,000 1.568,000 You are given the following additional information: (1) Inventory at 31 December, 2011 was GH 88,000 (2) Motor expenses owing amounted to GH 150 (3) The Directors recommended an interim dividend of 10 pesewas (GH 0.10) per Share to be paid in November 2011. This was paid but has not been included in the financial records. (4) Depreciation should be charged at the rate of: Motor vehicle 25% on cost Premises 5% on cost You are required to draw up the income statement for the year ending 31" December, 2011 and the Statement of financial position as at the year ending 31 December, 2011