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CRGHC 240,000 240,000 Question Four The following trial balance was extracted from the books of a partnership firm of Sofoa and Siaw who share profit and losses equally on 31/12/2014 DR'GH Capital: Safoa Siaw Current account: Safoa 4,000 Siaw 6,000 Drawings: Safoa 32,000 Siaw 36,000 Premises 240,000 Debtors and creditors 320,000 200,000 Provision for bad debts 10,000 Discounts 4,000 800 Bad debts 2,000 Purchases and sales 340,000 1,120,000 Returns 3,200 2,400 Fixtures and fittings 180,000 Carriage Stock (1/1/2014) Salaries Wages Rates Insurance Office expenses Cash at hand 4,000 140,000 56,000 104,000 16,000 5,600 4,400 28,000 1.819,200 1,819,200 The following additional information is given: i. Stock at 31/12/2014 GH84,000 ii. Carriage include carriage inwards of GH2,400 iii. Wages owing GH16,000 iv. Provision for bad debts is to be increased to 10% of outstanding debtors V. Fixtures and fittings is to be depreciated at 10% per annum vi. Interest on capital is at 5% vii. Safoa is to receive a salary of GH20,000 Required: Prepare an Income Statement for the year ended 31/12/2014, Income Statement Appropriation Account, Current Account of the Partners and the Statement of Financial Position as at that date