Sun and Moon are trading partners dealing in cosmetics and other assorted goods. They share profit and losses in the ratio 3:2. The trial balance below was extracted from the books of the partners as at 31 December, 2012 DR CR GHC GHC 400,000 100,000 2,500,000 1,200,000 400,000 300,000 450,000 150,000 200,000 900,000 Goodwill Bank overdraft Sales Cost of Sales Debtors and Creditors Sundry expenses Stocks (31/12/12) Loan from Sun at 15% per annum. Freehold property Motor vehicle 600,000 Fixture and fittings 400,000 Provision for depreciation: Motor vehicles 140,000 Fixture and fittings 240,000 Net profit (31/12/11) 200,000 Drawings: Sun 70,000 Moon 60,000 Capital Account: Sun 500,000 Moon 300,000 Current Account: Sun 120,000 30.000 Moon 4.630.000 4.630.000 The following information is relevant: i. Interest on loan from Sun had neither been paid nor provided for. ii. on the reducing balance al ne at Motor Vehicles and Fixtures and fittings are to be depreciated of 10% and 20% percent per annum respectively methods. Sundry expenses outstanding at 31/12/12 amounted to GH50,000. Capital attracts interest of 10% per annum. Moon is to be paid ar salary of GH3,000. No interest is allowed or charged on Current accounts or on iv. monthly drawings. V. You are required to prepare: a. Income Statement b. Profit and Loss Appropriation account c. Partners Current account d. Statement of Financial Position as at 31/12/2012