The following balances were extracted from the books of G Ventures, a retailer, during the last accounting period to December 31, 2013 GHC GHC 238,835 1,845 Stock (1/1/2013) 19,850 Purchases 79,420 Electricity 5,800 Carriage Inwards 7,135 Insurance 900 Repairs 1,370 Furniture and Equipment 21,050 Buildings 33,500 Plant and Machinery 24,000 Wages and Salaries 12,750 General Expenses 3,605 Sales Return Inwards 1,760 Rent 11,100 Provision for doubtful debts Carriage Outwards 1,550 Accumulated depreciation (1/1/2013): Furniture and Equipment Plant and Machinery Debtors 36,500 Discount Allowed 465 Discount Received Returns Outwards Drawings 2,500 Creditors for goods Capital Bank 20,165 Cash 12,000 295,420 Additional information: 2,650 2,705 785 600 13,000 35,000 295,420 1. Inventory of goods after stocktaking on December 31, 2013 amounted to GH18,950 2. The amount prepaid for insurance was GH300. 3. Wages and Salaries due but not yet paid on December 31, 2013 amounted to GH930 4. Depreciation on Furniture and Equipment was provided at the rate of 20% on reducing balance basis whereas Plant & Machinery was depreciated at the rate of 10% on straight line basis. 5. Provision for doubtful debts currently stands at GH1,500 You are required to prepare for G Ventures: a) An Income Statement for the year ended December 31, 2013 A Statement of Financial Position as at December 31, 2013