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QUESTION 1 The trial balance of SIKA YE NA LTD as at 31 December 2014 is as follows: 1. A building whose net book value
QUESTION 1 The trial balance of SIKA YE NA LTD as at 31 December 2014 is as follows: 1. A building whose net book value is currently GHC10,000 is to be revalued to GHC16,000. 2. The tax provision for the current year is estimated at GHC4,000. 3. Closing inventory is GHC15,000. 4. The balance on the suspense account represents the proceeds from the issue of 4,000 ordinary shares for Gh 2.00 each Required: prepare (i) Statement of comprehensive income for the year ended 31/12/2014 (8marks) 1 (ii) Statement of changes in equity for the year ended 31/12/2014 (5 marks) (iii) Statement of financial position as at 31/12/2014 (7 marks)
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