Question 1 Alberta and Alice are partners in trade sharing profits and losses in the ratio of 2:1. The Trial d Balance of their firm as at 31st December, 2015 is given below: GH GH 16,000 13,000 123,190. Capital Account: Alberta Alice Drawings: Alberta Alice Purchases/Turnover Motor vehicle at Cost Computers at Cost Fittings at Cost Provision for depreciation: Computers Fittings Inventory (31/12/2014) Cash balance 3,600 2,400 101,640, 1,600 10,600 2,400 5,920 1,140 17,360 40 5,400 3,960 8,200 Office expenses Vehicle expenses 4,200 540 Trade receivables Trade Payables Bank balance Wages Insurance Discount Received Discount Allowed 5,760 620 150 560 164,140 164,140 Additional Information: a) Inventories as at 31st December 2015 was valued at GH26,380 b) Depreciation is charged on a Straight Line basis as follows; 10% per annum for fittings and Motor Vehicles 20% per annum for Computers c) Insurance of GH70 has been paid in advance as of 31st December 2015. d) Wages of GH370 was owed at 31st December 2015. You are required to prepare: i. Income Statement for the year ended 31st December 2015; ii. The Appropriation Account; iii. The Partners Current Accounts; and iv. The Statement of Financial Position as at 31st December 2015. (40 Marks)