The following are income statements of Joana Limited for the financial years ended $31$ December $2022$ and $2023,$ together with statement of financial position as at $31$ December $2022$ and $2023.$

Joana Limited

Statement of Comprehensive Income for the Year Ended $31$ December

$20232022$

GH$000$ GH$000$

Revenue $40,21534,551$

Cost of Sales $(31,034)27,311)$

Gross Profit $9,1817,240$

Distribution expenses $(1,982)(1,759)$

Administration expenses $(2,818)(2,159)$

Operating profit before other income $4,3813,322$

Other income $536151$

PBIT $4,9173,473$

Finance charge $(349)(109)$

PBT $4,5683,364$

Tax $(859)(475)$

PAT $3,7092,889$

O$/$balance $3,7683,683$

Income surplus carried forward $7,4776,572$

Joana Limited

Statement of Financial Position as at

$20232022$

GH$000$ GH$000$

Non$-$current Assets

Property, plant and equipment $63715336$

Investment $1611798216116947$

Current Assets

Inventory $94723834$

Trade receivable $21141465$

Taxation $859475$

Assets held for sale $0112$

Cash at bank and in hand $45221696728458731$

Total Assets $2494915678$

Current liabilities

Trade payable $115415323$

Dividend payable $33251938$

Bank overdraft $68615552847345$

Non$-$current liabilities $11921113$

Total liabilities $167448458$

Represented by:

Equity capital $300300$

Capital surplus $428348$

Income surplus $7477820565727220$

Equity & Liabilities $2494915678$

Required:

$($a$)$ Explain what is meant by a common size statement in ratio analysis $(3$ marks$)$

$($b$)$ Prepare a common size comprehensive income statement and common size statement of financial position. KINDLY INTERPRET THE ANSWERS BY COMPARING $(12$ marks$)$