Question 1 The following is the list of balances of Alomo Gyata Company ltd, a wholesale specialist for the year ended 31st December, 2021. Ordinary share capital Share deals General reserve Retained profits Opening Inventory Revenue/Sales Purchases Returns Carriage inwards Carriage outwards Warehouse wages Sales people salaries Administrative wages and salaries Plant and machinery Motor vehicle expenses Investment income General distribution expenses General administrative expenses Directors remuneration Ordinary dividend Rents receivable Trade account receivable Cash at bank and in hand Trade account payable Bills of exchange payable Total Additional information Dr GH 336,720 2,475,910 136,200 6,340 43,790 410,240 305,110 277,190 610,000 84,770 27,130 47,990 195,140 375,000 1,623,570 179,250 7,134,350 Cr GH 1,000,000 120,000 48,000 139,750 5,090,370 121,220 216,290 37,150 304,570 57,000 7,134,350 1. Inventory at the end of the year was valued at GH412,780 Required. Prepare income statement and statement of financial position as at 31/12/2021