QUESTION 1 2 of 6 trial balance relates to Golden Ladat 30 September 2018 GHS GHS000 760.000 100,000 Production houby Factory overheads (bs) Distribution costs Administrative pies) Finance costs Investment income Leased property all) Plant and equipment acou (b) Accumulated amortisation depreciation at 1/10/2017 -lased property -plant and equipment Equity investments) Inventory at 1/10/17 Trade receivables Trade payables Bank Suted capital (GHSO2) Income surplus (1/10/2017) Deferred tax (0 29.000 36,000 93,400 55.600 100.000 67.300 5.000 1,043,400 1,041.000 The following notes we relevant ) Sales include poods sold and dispatched in September 2018 on a 30-day right of retum basis. Their selling price was GHS4.8m and they were sold at a gross profit margin of 25% la the past, Golden Lil's customers have always met their obligations under this type of agreement (b) Non-current In the course of the year. Golden Lad produced an item of equipment for its own use. The direct materials for the equipment cout GHS6m and the labour cost GHS8m. Manufacturing overheads are 50% of direct labour cost and Golden Lid determines the final selling price fee goods by adding a mark-up on soal.com of 40%. The direct materials, labour and overheads are included in the relevant expense items in the trial balance. The equipment was completed and was put to use on July 2018, All plant and equipment is depreciated at 25% per annum using the straight line method with time apportement in the year of acquisition The management of Golden revalued the leased property in line with recent increases in market values. On 1 October 2017 an independentchitect valued the leased property w GHS9m, which the management agreed to. The leased property had an original useful life of 20 years which has not changed. Revolution surplus is realised over the life of the leased property. The revaluation surplus will give rise to a deferred tax liability (se Note All amortisation and depreciation is charged to cost of sales. No amortisation de depreciation has yet been charged on any non-current set for the year ended 30 September 2018 c) In July 2018, the share price of Golden Ladstood at GHS2.40 per share. On this date, Golden Lid paidan interim dividend included in administrative expenses) that was computed to give a dividend yielder 4 (d) Closing invente ca 30 September 2018 was valued at GHS109.6m. te) The equity investments had a fair value of GHS34.8m on 30 September 2018. During the year there were no purchases e disposals of any of these investments. (0) A provision for income tax for the year ended 30 September 2018 of GHS48.6m is required. At 30 September 2018, the tax base of Golden Lad's net assets was GH530s less than their carrying amounts. This excludes the effects of the evaluation of the leased property. The income tax rate of Golden Ladis Required: Prepare the statement of profit or less and other comprehensive income the statement of financial position and the statement of changes in equity for Golden Lid for the year ended 30 September 2018 QUESTION 1 2 of 6 trial balance relates to Golden Ladat 30 September 2018 GHS GHS000 760.000 100,000 Production houby Factory overheads (bs) Distribution costs Administrative pies) Finance costs Investment income Leased property all) Plant and equipment acou (b) Accumulated amortisation depreciation at 1/10/2017 -lased property -plant and equipment Equity investments) Inventory at 1/10/17 Trade receivables Trade payables Bank Suted capital (GHSO2) Income surplus (1/10/2017) Deferred tax (0 29.000 36,000 93,400 55.600 100.000 67.300 5.000 1,043,400 1,041.000 The following notes we relevant ) Sales include poods sold and dispatched in September 2018 on a 30-day right of retum basis. Their selling price was GHS4.8m and they were sold at a gross profit margin of 25% la the past, Golden Lil's customers have always met their obligations under this type of agreement (b) Non-current In the course of the year. Golden Lad produced an item of equipment for its own use. The direct materials for the equipment cout GHS6m and the labour cost GHS8m. Manufacturing overheads are 50% of direct labour cost and Golden Lid determines the final selling price fee goods by adding a mark-up on soal.com of 40%. The direct materials, labour and overheads are included in the relevant expense items in the trial balance. The equipment was completed and was put to use on July 2018, All plant and equipment is depreciated at 25% per annum using the straight line method with time apportement in the year of acquisition The management of Golden revalued the leased property in line with recent increases in market values. On 1 October 2017 an independentchitect valued the leased property w GHS9m, which the management agreed to. The leased property had an original useful life of 20 years which has not changed. Revolution surplus is realised over the life of the leased property. The revaluation surplus will give rise to a deferred tax liability (se Note All amortisation and depreciation is charged to cost of sales. No amortisation de depreciation has yet been charged on any non-current set for the year ended 30 September 2018 c) In July 2018, the share price of Golden Ladstood at GHS2.40 per share. On this date, Golden Lid paidan interim dividend included in administrative expenses) that was computed to give a dividend yielder 4 (d) Closing invente ca 30 September 2018 was valued at GHS109.6m. te) The equity investments had a fair value of GHS34.8m on 30 September 2018. During the year there were no purchases e disposals of any of these investments. (0) A provision for income tax for the year ended 30 September 2018 of GHS48.6m is required. At 30 September 2018, the tax base of Golden Lad's net assets was GH530s less than their carrying amounts. This excludes the effects of the evaluation of the leased property. The income tax rate of Golden Ladis Required: Prepare the statement of profit or less and other comprehensive income the statement of financial position and the statement of changes in equity for Golden Lid for the year ended 30 September 2018