The following information was extracted from the books of Cash & Carry Manufacturing Company Limited as at 31stMay 2023;

	DR (GH)	CR (GH)
Capital		744,000
Stock at 1st June
WIP	328,000
Raw materials	80,000
Finished goods	180,000
Purchase of raw materials	4,600
Carriage on raw materials	24,000
Carriage outwards	14,000
Purchases of raw materials	1,684,150
Returns inwards	7,350
Lighting	30,000
Heating	30,000
Rent and rates	132,000
Direct factory wages	390,000
Office wages	104,000
Sales commission to selling agents	12,000
Bad debts	5,800
Bank	21,350
Sales		2,803,170
Drawings	182,000
Interest on loan	10,000
Plant and machinery at Cost	560,000
Plant and equipment	40,000
Insurance	14,400
Advertising	4,800
Accumulated Depreciation:
Royalties	8,000
Plant and equipment		16,000
Plant and machinery		100,000
Trade receivable and trade payables	300,000	320,000
Cash	25,050
5% Loan		280,000
Discounts	3,250	4,180
Motor vehicle	80,000
Returns on raw materials		4,150
	4,271,500	4,271,500

Additional Information

i) The stocks as at the year-end were valued as follows:

Finished goods GH 160,000; raw materials GH 108,000, WIP GH 340,000.

ii) Finished goods manufactured during the financial year are transferred to the trading department at 20% mark-up.

iii) A provision should be made for doubtful debts at 12%.

iv) Lighting and heating should be apportioned between factory and office in the ratio 4:2 respectively whereas rent and rates in the ratio 3:1 respectively.

v) It was agreed that depreciation should be allowed for Plant and Equipment on the reducing balance method at 20%; plant and machinery on a straight-line method over 7 years while motor vehicle is to depreciated at 15%. Also, all assets were equally used for office and factory operations.

vi) During the year, due to the increase in demand the managers of Cash & Carry Manufacturing Company Limited bought additional finished goods on credit amounting to GH 48,000 to help satisfy customer demands, this was not captured in the books.

vii) At the end of the year, it was showed that direct factory wages of GH 12,000 and office wages GH 2,000remained unpaid.

viii) An amount of GH 12,000 each was accrued to heating and lighting. Rent paid on 20th December 2022 relates to the period from 1st June 2022 to 30thSeptember 2023.

You are required to prepare a manufacturing account, income statement for the year ended 31st May 2023, and a statement of financial position at that date.