Thank you!

Afia Rambo is certain that apart from some drawings made from cash received all receipts and payments have been recorded. You also discovered that she withdrew goods which cost GH500 from the business for her friend Kennedy as a birthday present. Discount allowed to customers amounted to GH1,020 and discount received was GH770. Customers returned faulty goods worth GH2,500. Also GH1,250 worth of goods were returned by the business for wrong color. 3 | Page The assets and liabilities of the retail business in the year 2018 are given below: Dec-18 Jan-18 Motor vehicle 10,000 10,1001 Furniture and Fittings 5,400 5,600 Stock in trade 4,570 3,7501 Sundry expenses owing Sundry debtors 3,570 2,570 Sundry creditors 1,240 875 Wages accrued 320 220 Rates prepaid 150 Cash 1,650 2,350 300 100 You are required to; Prepare an income statement for the year ending December 2018 and a statement of financial position as at that date for Afia Rambo Enterprise. Afia Rambo is certain that apart from some drawings made from cash received all receipts and payments have been recorded. You also discovered that she withdrew goods which cost GH500 from the business for her friend Kennedy as a birthday present. Discount allowed to customers amounted to GH1,020 and discount received was GH770. Customers returned faulty goods worth GH2,500. Also GH1,250 worth of goods were returned by the business for wrong color. 3 | Page The assets and liabilities of the retail business in the year 2018 are given below: Dec-18 Jan-18 Motor vehicle 10,000 10,1001 Furniture and Fittings 5,400 5,600 Stock in trade 4,570 3,7501 Sundry expenses owing 300 Sundry debtors 3,570 2,570 Sundry creditors 1,240 875 Wages accrued 320 220 Rates prepaid 150 Cash 1.650 2,350 100 You are required to; Prepare an income statement for the year ending December 2018 and a statement of financial position as at that date for Afia Rambo Enterprise