QUESTION 1 The following is the Trial Balance of Gyawu Enterprises, a dealer in Banking Software, as at 31st December 2021. Capital Receivables and Payables Inventory Motor vehicles: (cost) Accumulated depreciation (31 December 2020) Office equipment: (cost) Accumulated depreciation (31 December 2020) Administrative expenses Purchases and sales Employee benefits Selling expenses Plant: (cost) Accumulated depreciation (31 December 2020) Discounts Accruals Investment income Returns Cash and cash equivalents Allowance for doubtful debts 31 December 2020 Bad debts iv. Lecturer: Alhassan Trawule, CA GHS V. 159,000 99,000 72,500 1 90,000 26,000 243,750 33,000 20,000 125,000 7,500 12,000 126,750 17,500 1,032,000 GHS 240,000 51,000 32,500 30,000 Additional information available is given below: i. ii. The inventory sheets as at 31/12/2021 put the value of inventory at GHS129,500. Allowance for doubtful debt is to be increased to GHS19,080 as at 31 December 2021. An amount of GHS6,000 in respect of rent and rates is included in administrative expenses. This amount relates to 2022 financial year. iii. Required: Prepare in a suitable form for publication, a. Income statement for the year ended 31st December 2021. b. Statement of Financial Position as at 31st December 2021. 490,500 37,500 12,500 79,000 27,500 17,500 14,000 All items of property, plant and equipment are depreciated at the rate of 10% per annum on the straight line basis. 1,032,000 An amount of GHS10,000 incurred in the repair of a plant had been debited to the plant account. vi. Personal withdrawal of cash amounting to GHS25,000 was made by Mr. Isaac Gyawu, the proprietor. This has not been recorded in the financial records. 10 marks 10 marks All statements are to be prepared in accordance with the requirements of International Financial Reporting Standards. Ignore taxation. 20 marks

QUESTION 1 The following is the Trial Balance of Gyawu Enterprises, a dealer in Hanking Solfware, as at 31 st December 2021. Additional information available is given below: i. The inventory shects as at 31/122021 pat the value of imsutory at GHS129,500. ii. Allowance for dowbtful debt is so he increased to GHS19,0s0 as at 31 December 2021. iii. An amount of GHS6,000 in respect of rent and rates is included in administrative expenses. This amount relates to 2022 financial year. iv. All items of property, plant and equiprnent ate depecciated at the nate of 10% per annum on the straight line basis. 1 Lecturet: Ahasan tremule, ca v. An amount of GIIS10,000 incurred in the repair of a plant had becn debitiod to the plant account. vi. Personal withdrawal of cash amounting to GHS25,000 was made by Mr. fsaac Gyawu, the proprictor. This has not boen frecotded in the financial rocouts. Required: Prepare in a suitable form for publication, a. Income statement for the year ended 31sa December 2021. 10 marks b. Statenent of Financial Positioe as at 31 st Deceniber 2021. 10 marks All statements are to be peepared in accoedance with the requircments of Intemational Finascial Reporting Standands. lemore taxation. 28 marks