Joy Daddy Ltd commences trading on 1 June with a capital of GH240,000. The following estimates have been made: Plant and equipment costing GH160,000 will be purchased and installed prior to commencement of the business. The plant and equipment is payable in June and will be depreciated on a straight line basis over eight years with no expected disposal value On 1 June, an initial stock of goods will be purchased for GH96,000 payable in July. All goods sold from 1 June will be replaced immediately. Purchases will be on two months credit Gross profit will be 33 1/3% on the cost of goods Forecast sales for the first three months are: - June GH92,000; July, GH108,000 and August GH124,000 - Sales is on credit payable in the month following sale Rent and rates of GH32,000 for twelve months from 1 June is payable in July Wages and other overheads commencing in June are estimated at GH24,000 per month. 50% will be paid in the month incurred with the balance pay