QUESTION 1 Below are the statements of Financial Position for Grace Ltd as at 31 December, 2008 and the Statement of Profit year ended 31 December, 2009. or Loss and Other Comprehensive Income for the 2009 GHS 000 2008 ASSETS Non-current assets Tangible assets Intangible assets GHS'000 832 1,415 2.247 681 817 1,498 Current assets Inventory Receivables Investments Cash 619 584 396 17 1,616 3,863 701 492 125 81 1.399 Total assets 2,897 EQUITY AND LIABILITIES Equity Equity shares (GHS1) Revaluation surplus Retained earnings 500 150 1,924 2,574 300 40 1494 1,834 Non-current liabilities Provision for court case 5% Debentures 50 73 220 293 138 Current liabilities Interest payable Bank Dividends payable Tax payable Trade payables 30 100 60 81 238 517 996 3,863 140 226 529 925 2,897 Total equity and liabilities