Question: Prepare the statement of other comprehensive income of Ghana Aluminium Ltd for the year 31 May 2014 . and prepare the statement of financial position as at that date for publication in accordance with International Financial Reporting Standards.

QUESTION TWO The following list of account balances has been prepared by Ghani Aluminium Padi Mama 31 May 2014, which is the end of the company's accounting period CHC00D 300.000 100.000 50.000 150.000 283.500 1.526.750 CHIC Authorised and issued 300.000 ordinary shares Or GHCI each, fully paid 100,000 8,4% Cumulative preference shares of GHICI each Fully paid Revaluation Surplus General Reserve Income Surplus at 1 June 2013 Revenue Administrative Expenses 15%,100 Selling & Distribution Expenses 116,800 Legal & Professional Expenses 54,100 Allowances for receivables- 31 May 2013 Inventory - Finished Goods - 31 May 2013 184,500 Patents and Trademarks 215.500 Freehold Property at Cost 250,000 Leasehold Property - at Cost 75,000 Accumulated amortization of leasehold properly - 31 May 2014 Plant and Equipment - al Cost 150,000 Accumulated depreciation - Plant and Equipment - 31 May 2014 Furniture and fittings - A1 Cost 50.00 Accumulated depreciation - Furniture and Fittings - 31 May 2014 Motor Vehicle - at cost 75,000 5750 15.000 15.750 25,000 100,000 177,630 97.500 51.250 Accumulated depreciation - Motor Vehicle 31" May 2014 10% Loan Notes (2010-2018) Trade Receivables Trade Payables Bank Overdraft Inventory- Raw Materials - 31 May 2013 Purchases - Raw Materials Carriage inwards - Raw Materials Manufacturing Wages Manufacturing overheads Cash Work-in-Progress 108,400 750,600 10,500 250,00D 125,000 5.120 32.750 2,789,000 2.789.000 Additional Information Inventories at 31 May 2014 were as follows: Raw Materials Finished Goods Work-in-Progress GHS 112.600 275.350 37.800 2. Depreciation for the year is to be charges as follows: Plant and Equipment 8% on Cost - Charged to Production Furniture and Fixtures 10% on Cost - Charged to administration Motor Vehicles 20% on reducing value - 25% administration 75% Selling and Distribution 3. Financial, Legal and Professional expenses include solicitors fees for purchase of freehold land during year amounted to GHS 5,000,000 4. Provision is to be made for a full years interest on the loan notes $. Income tax on the profits for the year is estimated at GHC 40,000 and is due for payment on 28 February 2015 6. The directors recommended on 30 June that a dividend of 3.5 pesewas per share be paid on the ordinary share capital. No ordinary dividend was paid during the year ended 31 May 2013 7. The leasehold land and buildings are held on a 50 year lease, acquired ten years ago Required From the information given above, prepare the statement of comprehensive income of Ghana Alnim Lid for the year to 31" May 2014 and a statement of financial position as at that date for publication in accordance with International Financial Reporting Standards (IFRS) Notes to the financial statement are not required 125 Marks)