The following items appeared in the books of FLOXY LIMITED$-$ a civil engineering firm$-$ as at January $1,$

The following transactions took place from January$-$May, $2024.$

a$)$ Full payment of the Trade Association Dues was made by cash.

b$)$ Cheques issued to creditors were GHc $50,000,$ GHc $95,000$ and GHc $102,000.$

c$)$ Bought goods on credit from the following suppliers: Geological Limited GHc $500,000$ and Maxi

Limited GHc $1,700,000.$

d$)$ Cheques received from debtors were $GHc650,000$ and $GHc700,000.$

e$)$ Sold goods costing GHc $500,000$ for $GHc625,000$ and receiving cheque to that effect.

f$)$ Bought Delivery Van from Japan Motors for GHc $1,500,000$ and made full payment by cheque.

g$)$ Made $50\%$ payment of the debt of Geological Limited by cheque.

h$)$ Made full payment of the debt of Maxi Limited by cheque.

i$)$ Cash banked GHc $25,000.$

j$)$ Two directors of the company bought additional shares of $1,000,000$ and $2,500,000$ respectively.

The price per share of the company was GHc $0\mathrm{.}0012.$

k$)$ Interim dividends paid by cheque to shareholders amounted to GHc $108,000.$

Valuation exercise was undertaken during the period and the following findings came to light:

I. Trade Marks were valued worthless.

II$.$ Goodwill was valued worthless.

III. A debtor with a balance of $GHc105,000$ was declared bankrupt and the debt

rendered irrecoverable.

IV$.$ GHc $600,000$ of the inventories were valued worthless.

Required:

a$)$ Prepare the Statement of Financial Position as $1^{st}$ January, $2024$ to disclose the ec

b$)$ Prepare the Statement of Financial Position as ${31}^{st}$ May, $2024$ after taking into co

transactions which took place between January$-$May, $2024.$The following items appeared in the books of FLOXY LIMITED$-$ a civil engineering firm$-$ as at January $1,$

The following transactions took place from January$-$May, $2024.$

a$)$ Full payment of the Trade Association Dues was made by cash.

b$)$ Cheques issued to creditors were GHc $50,000,GHc95,000$ and $GHc102,000.$

c$)$ Bought goods on credit from the following suppliers: Geological Limited GHc $500,000$ and Maxi

Limited GHe $1,700,000.$

d$)$ Cheques received from debtors were GHc $650,000$ and $GHc700,000.$

e$)$ Sold goods costing GHc $500,000$ for $GHc625,000$ and receiving cheque to that effect.

f$)$ Bought Delivery Van from Japan Motors for GHc $1,500,000$ and made full payment by cheque.

g$)$ Made $50\%$ payment of the debt of Geological Limited by cheque.

h$)$ Made full payment of the debt of Maxi Limited by cheque.

i$)$ Cash banked GHe $25,000.$

j$)$ Two directors of the company bought additional shares of $1,000,000$ and $2,500,000$ respectively.

The price per share of the company was GHc $0\mathrm{.}0012.$

k$)$ Interim dividends paid by cheque to shareholders amounted to GHc $108,000.$

Valuation exercise was undertaken during the period and the following findings came to light:

I. Trade Marks were valued worthless.

II$.$ Goodwill was valued worthless.

III. A debtor with a balance of $GHc105,000$ was declared bankrupt and the debt

rendered irrecoverable.

IV$.$ GHc $600,000$ of the inventories were valued worthless.

Required:

a$)$ Prepare the Statement of Financial Position as $1^{st}$ January, $2024$ to disclose the equity.

b$)$ Prepare the Statement of Financial Position as ${31}^{\frac{1}{2}}$ May, $2024$ after taking into consideration the

transactions which took place between January$-$May, $2024.$