QUESTION 7 The following balances were extracted from the books of Sunkwah, a sole trader, as at 31" December, 2002. Puan Sale 2. Landes Building /.000 Mor Vehicle 20.000) Rende 150.000 20.00 The De Hem & Darwin Commi Red Returm. Od Bunke 100.000 The following additional information are also relevant A) Stock in trade at 31/12:02 valued GH45.000 B) Rent and Rates cover a period of 18 months ending 30* June, 2003 C) Amount paid for general expenses represent 80% of the total cost incurred. The remaining 20% is still outstanding D) Bad Debt amounted to GH420,000 and provision for had and doubtful is 15% on Receivable balance. E) It was revealed that the proprietor has taken goods worth GH10,000 and cash GH20,000 from the business for his personal use. No entries have been made for these transactions F) Depreciation is 10% on cost for all Non-current assets This policy has been applied consistently since acquisition of all Non-current assets. 6) On 31 December, 2002 motor vehicle which was acquired two (2) years ago for GH100,000 was sold for GH75.000 cash. No recording has been made for this transaction You are required to prepare 2. Income Statement for the year ended 31 December 2002. (13 marks) (12 b. Statement of financial position as at that date marks)