The Faith Rural Bank ltd has presented the following trial balance for the 2011 financial year:

	GH000	GH000
Operating expenses	987.00
Donations	24.00
Staff cost	2,213.00
Directors remuneration	39.00
Capital work-in-progress	168.00
Motor Vehicles/ Accumulated depreciation	327.00	182.00
Equipment & furniture / Accum. Depreciation	588.00	163.00
Computers/Accum. Depreciation	390.00	133.00
Land and Building / Accum. Depreciation	776.00	83.00
Corporate tax	180.00
Sundry payables		763.00
Interest from short funds		243.00
Interest from Government securities		7,137.00
Interest on loan and advances		373.00
Other accounts	789.00
Staff advances	449.00
Loans and Overdrafts granted	8,233.00
Income surplus 01/01/2011		1,146.00
Allowance for doubtful debts 01/01/2011		614.00
Statutory reserves 01/01/2011		648.00
Capital surplus		410.00
Trade investment	1,343.00
Government Treasury Bills	19,593.00
Interest on customers deposits	3,515.00
Amounts due to other banks		3,871.00
Deposits with other banks	12,794.00
Cash in hand	1,629.00
Balance with other banks	4,666.00
Stated capital		4,823.00
Current Accounts		22,767.00
Fixed / Time deposits		3,582.00
Savings accounts		7,819.00
Profit on foreign exchange transaction		141.00
Dividend from investment		55.00
Miscellaneous income		2,328.00
Commission and fee income		1,388.00
Share deals		34.00
TOTAL	58,703.00	58,703.00

ADDITIONAL INFORMATION;

a) Increase allowances for doubtful debts to GHc851,700.00

b) Provide for depreciation at the following rates:

Land and Buildings 5% on cost

Equipment and Furniture 20% on cost

Computers 33 % on cost

Motor vehicles 33 % on cost

c) Provide for Audit fees of GHc60,000.00

d) Transfer 12 of net profit after tax to Statutory Reserve Fund.

e) The corporate tax provision made in the 2010 financial statements was GHc200,000.00. This was agreed with Ghana Revenue Authority at GHc220,000.00 and fully settled in March 2011. Interim tax for 2011 based on self-assessment was settled at GHc160,000.00. Corporate tax applicable to bank is 25%.

f) Directors have agreed to pay end-of-year bonus to staff estimated at GHc72,00.00. This is yet to be paid.

g) The authorized capital is 10,000 equity shares of no par value out of which 6,000 shares have been issued and fully paid.

REQUIRED;

a) Statement of comprehensive income for the year ended 31stDecember, 2011.

[10 MARKS]

b) Statement of changes in equity for the year ended 31stDecember, 2011

[5 MARKS]

c) Statement of financial position as at 31st December,2011

Notes are not required but show all workings. [10 MARKS]