Final Accounts- Sole Trader The following Trial Balance was extracted from the books of AGA THA PERFECT TASTE, a leading local chop bar in Madina. TRIAL BALANCE AS AT 31st DECEMBER 2014 GHc GHc Property at cost 200,000 Equipment at cost 150,000Accumulated depreciation (as at 1 January 2020) Property 40,000 Equipment 30,000 Purchase of food stuffs 420,000 Sales 590,000 Inventory of food stuffs (as at 1 January 2020) 70,000 Inventory of live goats (as at 1 January, 2020) 10,000 Food stuffs returned to suppliers 5,000 Carriage inwards 8,000 Discounts 25,000 8,200 Wages and Salaries 80,000 Irrecoverable debts 5,600 Bank Loan interest 5,000 Other operating expenses 20,900 Levies and license renewal 2,300 Trade payables and Recievables 54,000 60,000 Bank and cash 2,500 Allowances for recievable 3,000 30% long term loan 30,000 Drawings 22,000 Capital as at 1 January 2020 309,100 1,075,300 1,075,300 2 The following additional information as at 31st December 2020 is available; a) Inventory of livestock in hand cost GHc24, 000 and the food stuff costing GHc56, 000 has a net realisable value of GHc52, 000. b) Wages and salaries amounting to GHc15, 000 was outstanding whilst operating expenses amounting to GHc 2,000 was prepaid. c) Allowances for receivable should be adjusted to 3% of the total receivable. d) It was found that Davi Agartha, the owner, took some of the food stuff home on her husband birthday but was not recorded in the books. The value of the food stuffs was GHc1, 500. e) It was also revealed that food stuffs valued at GHc500 was stolen by two kitchen women who subsequently ran away from the job. No retrieval could be made. No record relating to the event was made. f) The loan term loan was contracted from Women Bank on 1 April 2020 for five years ending 31st March, 2024. g) The policy of management is to depreciate all non-current assets during the years as follows: Property: 2% per anuum using the straight line method Equipment: 25% per annum using the reducing balance method. Required: Prepare for Agatha Perfect Taste: a) Statement of Financial Performance for the year ended 31st December, 2020; b) Statement of Financial Position as at that date