Kofi Aboagye started business as a manufacturer on 1^st January, 2016. The following balances were extracted from his records as at 31^st December, 2016.

GH GH

Sales 225,000

Plant and Machinery bought at 1^st January, 2016 20,000

Motor Van bought at 1^st January, 2016 2,500

Administration wages 4,500

Loose tools bought 1,600

Light and heating 10,000

Repairs to buildings 5,000

Raw materials purchased 68,350

Salesmens salaries 7,250

Drivers wages 6,000

Direct wages 75,500

Motor Van Expenses 1,250

Indirect wages 13,500

General administration expenses 1,500

Repairs to machinery 2,750

Rates and Insurance 2,500

Drawings 10,000

Cash at Bank 67,800

Capital 80,000

Debtors and Creditors 10,000 5,000

310,000 310,000

The following additional information is also relevant:

The Work-In-Process on 31^st December, 2016 was valued at a cost of 13,750. The closing stocks on 31^st December, 2016 were as follows:

Finished goods at cost plus 25%, 50,000. Raw materials 3,350. Loose tools 600.

Depreciation is to be provided is to be provided on Motor Vans at 20% and Plant and Machinery \at 10%. Allocate expenses as follows:

Factory Administration

Light and Power 90% 10%

Building Repairs 60% 40%

Rates and Insurance 80% 20%

Manufactured goods were transferred to the Income Statement (Trading Account) at cost plus 25%.

You are required to draw up the Manufacturing, Income Statement for the year ended 31^st December, 2016 and a Statement of Financial Position as at that date.