The following details were extracted from the books of Konongo Industries Limited a manufacturer of soap for the year ended 31^st March, 1999

GH

Opening Stocks: Raw materials 785,000

Work-In-Progress (WIP) 216,000

Finished Goods 432,750

Purchases 1,871,215

Sales 4,343,680

Return Outwards 52,100

Return Inwards 18,350

Carriage Inwards 74,180

Discount Allowed 15,015

Discount Received 46,780

Plant and Machinery at cost 1,850,000

Freehold Building at cost 1,610,000

Furniture and Fittings at cost 318,000

Indirect Wages 127,125

Lighting and Heating 74,300

Insurance 16,720

Rates 18,000

Salaries-selling and administration 342,180

Motor Vehicle at cost 1,000,000

Direct wages 692,750

Additional Information:

1. Depreciation was charged on cost at the following rates:

Plant and machinery 10% per annum

Furniture and Fittings 12.5% per annum

Freehold Building 10% per annum

Motor Vehicles 20% per annum

2. The proportion of use of the fixed assets as at 31^st March, 1999 by the factory and office was as follows:

Factory Office

Plant and machinery 90% 10%

Furniture and Fittings 25% 75%

Freehold Building 80% 20%

Motor Vehicles *** 100%

3. The insurance expense was in respect of the plant and machinery.
4. Light and heating and rates were in respect of the freehold building.
5. Closing stocks of raw material GH539,400; closing WIP GH363,910 and closing finished goods GH244,840

Required: prepare manufacturing, trading and profit and loss account for the year ended 31^st March,1999.