Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Prepare financial statement for the company GH'000 GH'000 Capital 404,040 262,500 Land & Buildings Cost] Vehicles (Cost 105,000) Creditors 54,810 60,900 Electricity 630 Stocks 34,650
Prepare financial statement for the company
GH'000 GH'000 Capital 404,040 262,500 Land & Buildings Cost] Vehicles (Cost 105,000) Creditors 54,810 60,900 Electricity 630 Stocks 34,650 Debtors 68,670 Rates 1,260 Bank 31,500 The summarised cash book of the business for the year to 30th April, 2019 is presented as follows: GH'000 GH&'000 Balance on 30/04/2015 31,500 Rates 2.940 2 Receivables 334,530 Salaries 59,220 Cash banked 93,660 Light & Heat 3,885 Additional Capital 10,500 210 Bank Charges Motor Expenses 13,755 Suppliers 350,280 Stationeries 4,830 Sundries 840 Balance c/d 34,230 The following additional information may be relevant to you: a. GH1,470, 000 rates have been prepaid, whilst GH945,000 light and heat has been accrued. Outstanding accounting services amounted to GH2,100,000. b. Outstanding trade receivables and payables at the end of the year were GH61,320,000 and GH60,060,000 respectively. c. Inventory was valued at GH41, 160,000 d. Motor vehicles are to be depreciated by 20% on reducing balance e. Drawings by Kwame Okro, the proprietor, amounted to GH5,565,000 f. Ama Abebrese, the sales girl, paid the following expenses from the takings before banking the balance: GH GH'000 GH'000 Capital 404,040 262,500 Land & Buildings Cost] Vehicles (Cost 105,000) Creditors 54,810 60,900 Electricity 630 Stocks 34,650 Debtors 68,670 Rates 1,260 Bank 31,500 The summarised cash book of the business for the year to 30th April, 2019 is presented as follows: GH'000 GH&'000 Balance on 30/04/2015 31,500 Rates 2.940 2 Receivables 334,530 Salaries 59,220 Cash banked 93,660 Light & Heat 3,885 Additional Capital 10,500 210 Bank Charges Motor Expenses 13,755 Suppliers 350,280 Stationeries 4,830 Sundries 840 Balance c/d 34,230 The following additional information may be relevant to you: a. GH1,470, 000 rates have been prepaid, whilst GH945,000 light and heat has been accrued. Outstanding accounting services amounted to GH2,100,000. b. Outstanding trade receivables and payables at the end of the year were GH61,320,000 and GH60,060,000 respectively. c. Inventory was valued at GH41, 160,000 d. Motor vehicles are to be depreciated by 20% on reducing balance e. Drawings by Kwame Okro, the proprietor, amounted to GH5,565,000 f. Ama Abebrese, the sales girl, paid the following expenses from the takings before banking the balance: GHStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started