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Question 6 (30 marks) The following ledger halances were extracted from the honks of the MSc. Fnternrise: Additional Information i. The closing stock at 31st
Question 6 (30 marks) The following ledger halances were extracted from the honks of the MSc. Fnternrise: Additional Information i. The closing stock at 31st December, 2016 was GH9,200 ii. Provide for depreciation on equipment at 20% per annum on a straight-line basis iii. Provide for depreciation on motor vehicles at 40% per annum on a reducing balance basis. iv. Debtors include an amount of GH/800 considered bad. v. An electricity bill of GH/2,600 is owing while insurance is prepaid by GH/3,500. Required Prepare the Income Statement for the year ended 31st December, 2016 and the Statement of Financial Position as at that date
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