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Question 2 0 Kwaku Limited has the following trial balance at 3 1 st December 2 0 2 2 Debit Credit GH GH Cash at
Question Kwaku Limited has the following trial balance at st December Debit Credit GH GH Cash at bank Inventory at st January Administrative expenses Distributive costs Noncurrent assets at cost Buildings Plant and equipment Motor vehicles Suspense Accumulated depreciation Buildings Plant and equipment Motor vehicles Income surplus Trade receivables Purchases Dividend paid Revenue Tax payable Trade payable Stated capital The following additional information is relevant. Inventory at st December was valued at GH While doing the inventory count, errors in the previous years inventory were discovered. The inventory brought forward at the beginning of the year should have been GH not GH as stated above. Depreciation is to be charged as follows: Buildings at straight line Plant and equipment at on the reducing balance basis Motor vehicle at on the reducing balance basis No final dividend is being proposed A customer has gone bankrupt owing GH This debt is not expected to be recovered and an adjustment should be made. An allowance for receivable of is to be set up new shares were issued worth GH on st December, The proceeds have been left in a suspense account. Ignore taxation You are required prepare the following: a Statement of comprehensive income for the year ended December marks b Statement of changes in equity for the year ended st December marks c Statement of financial position as at December marks
Question
Kwaku Limited has the following trial balance at st December
Debit Credit
GH GH
Cash at bank
Inventory at st January
Administrative expenses
Distributive costs
Noncurrent assets at cost
Buildings
Plant and equipment
Motor vehicles
Suspense
Accumulated depreciation
Buildings
Plant and equipment
Motor vehicles
Income surplus
Trade receivables
Purchases
Dividend paid
Revenue
Tax payable
Trade payable
Stated capital
The following additional information is relevant.
Inventory at st December was valued at GH While doing the inventory count, errors in the previous years inventory were discovered. The inventory brought forward at the beginning of the year should have been GH not GH as stated above.
Depreciation is to be charged as follows:
Buildings at straight line
Plant and equipment at on the reducing balance basis
Motor vehicle at on the reducing balance basis
No final dividend is being proposed
A customer has gone bankrupt owing GH This debt is not expected to be recovered and an adjustment should be made. An allowance for receivable of is to be set up
new shares were issued worth GH on st December, The proceeds have been left in a suspense account.
Ignore taxation
You are required prepare the following:
a Statement of comprehensive income for the year ended December marks
b Statement of changes in equity for the year ended st December marks
c Statement of financial position as at December marks
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