The following is the Trail balance of AMS ltd as at 31 December 2020

Dr Cr

GHS GHS

Inventory of raw material 1.1.2010 21,000

Inventory of finished goods 1.1.2010 38,900

Work in - progress 1.1.2010 13,500

Wages (direct 180,000; indirect 145,000) 325,000

Royalties 7,000

Carriage inwards (on raw materials) 3,500

Purchases of raw materials 370,000

Productive machinery (cost 280,000) 230,000

Administration computers (cost 20,000) 12,000

General factory expenses 31,000

Lighting 7,500

Factory power 13,700

Administration salaries 44,000

Sales reps' salaries 30,000

Commission on sales 11,500

Rent 12,000

Insurance 4,200

General administration expenses 13,400

Bank charges 2,300

Discounts allowed 4,800

Carriage outwards 5,900

Sales 1,000,000

Accounts receivable and accounts payable 142,300 64,000

Bank 16,800

Cash 1,500

Drawings 60,000

Capital as at 1.1.2010 357,800

Total 1,421,800 1,421,800

Note at 31.12.2020:

1). Inventory of raw material 24,000; inventory of finished goods 40,000; work in - progress 15,000.

2) Lighting, rent and insurance are to be apportioned: factory 5/6, administration 1/6.

3) Depreciation on productive machinery and administration computers at 10 per cent per annum on cost.

You are required to prepare:

1. Manufacturing account ( 5 Marks)
2. Income statement (10 marks)
3. Statement of Financial Position as at 31/12/2020 (5marks)