The following is the trial balance of MacElorm and Son Limited, dealers in Oracle Software, as at 31^st December, 2018.

						GH		GH
Purchases and Sales						243,750		490,500
Ordinary shares (GHC1.00 per share)								221,500
Retained earnings								60,000
Revaluation Reserve								10,000
Trade Receivables and Payables						159,000		51,000
Inventory						99,000
Land and building (cost)						125,000
Delivery Vans: (cost)						105,500
Accumulated depreciation (31st December, 2015)								32,500
Plant and Equipment: (cost)						90,000
Accumulated depreciation (31st December 2015)								37,500
Administrative expenses						26,000
Selling and Distribution expenses						27,500
Investment property						100,000
Investment income								35,000
Cash and cash equivalents						27,000
Dividend paid						1,750
Provision for doubtful debts								14,000
Bad debts						17,500
Suspense						_______		70,000
						1,022,000		1,022,000

Additional information available is given below:

1) The inventory at cost on 31^st December, 2018 was valued at GH137,500 and the net realizable value was GH129,500.

2) Allowance for doubtful debt is to be increased to GH19,080 as at 31^st December 2018.

3) An amount of GH6,000 in respect of rent and rates is included in administrative expenses. This amount relates to 2018 financial year.

4) Depreciation for the year ended 31^st December 2018 is to be calculated using the following rates:

Plant and equipment 10% on cost

Delivery Vans 15% on cost

5) To reflect a marked increase in property prices, Kwei Limited accepted the report of an independent surveyor who valued the land and building up by GH15,000 on that on 31^st December 2018.

1) The audit fee of GH1,000 is to be accrued.

2) The suspense account represents the corresponding credit for cash received for a fully subscribed issue of equity shares made on 30^th December 2018. The terms of the share issue was 35,000 new ordinary shares were issued at GH2 each.

3) The directors have estimated the provision for income tax for the year ended 31^st December 2018 at GH15,000.

Required:

In compliance with the Companies Code provisions and in conformity with relevant International Financial Reporting Standards, prepare;

(i) the statement of profit or loss and other comprehensive income for the year ended 31^st December, 2018.

(ii) the statement of financial position as at 31^st December, 2018.