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