Returns Carriage outwards QUESTION 1 Ofori Schwarz operates a daily needs provision shop at the Accra Mall shopping center. On 31 December, 2018, the following balances appeared in her books. Capital Property, Plant & Equipment (PPE) at cost Accumulated Depreciation on PPE Inventory (01/01/2018) Purchases and Sales FINAL ACCOUNTS (Past Questions) Dr GH Cr GHE 320,000 300,000 60,000 50,000 187,500 600,000 11,250 5,000 20,000 Carriage inwards 8,500 Trade Receivables 87,500 Trade Payables 50,000 Allowance for receivables 37,500 Bad debts (for nonvetele) 25,000 Wages and Salaries 112,500 Discounts 22,500 37,500 Advertising $5,000 Electricity Bills 17,500 20% Loan Note Rent & Rates Sundry Expenses Cash 67,000 37,500 45,000 37,500 Bank Personal Drawings 122,250 37.500 1,177,000 1.177.000 Inventory at 31" December, 2018 was valued at GH71,250 Additional Information: i. ii. iii. iv. v. Required: Depreciation at the rate of 20% on cost is to be provided on property, plant and equipment. An amount of GH12,500 is outstanding in respect of wages and salaries at 31 December, 2018 Allowance for receivables is to be adjusted to GH30,000 at 31" December, 2018. The loan interest for the year was due on 31 December, 2018 but has not been paid. a) The Income Statement for the year ended 31 December, 2018. b) A Statement of Financial Position as at 31 December, 2018. (12marks) (8 marks) (Total 20 marks)