The following list of account balances has been prepared by Ghana Aluminium Plastic Manufacturers, on

31 May 2014, which is the end of the company's accounting period:

GHC'000 GHC'000

Authorised and issued 300,000 ordinary shares

Of GHC1 each, fully paid 300,000

100,000 8.4% Cumulative preference shares of GHC1 each

Fully paid 100,000

Revaluation Surplus 50,000

General Reserve 150,000

Income Surplus at 1 June 2013 283,500

Revenue 1,526,750

Administrative Expenses 158,100

Selling & Distribution Expenses 116,800

Legal & Professional Expenses 54,100

Allowances for receivables- 31 May 2013 5,750

Inventory - Finished Goods - 31 May 2013 184,500

Patents and Trademarks 215,500

Freehold Property -at Cost 250,000

Leasehold Property - at Cost 75,000

Accumulated amortization of leasehold property -31 May 2014 15,000

Plant and Equipment - at Cost 150,000

Accumulated depreciation - Plant and Equipment - 31 May 2014 68,500

Furniture and fittings - At Cost 50,000

Accumulated depreciation - Furniture and Fittings - 31May 2014 15,750

Motor Vehicle - at cost 75,000Accumulated depreciation - Motor Vehicle 31st May 2014 25,000

10% Loan Notes (2010-2018) 100,000

Trade Receivables 177,630

Trade Payables 97,500

Bank Overdraft 51,250

Inventory - Raw Materials - 31 May 2013 108,400

Purchases - Raw Materials 750,600

Carriage inwards - Raw Materials 10,500

Manufacturing Wages 250,000

Manufacturing overheads 125,000

Cash 5,120

Work -in- Progress 32,750 -

2,789,000 2,789,000

Additional Information

1. Inventories at 31 May 2014 were as follows: GHS

Raw Materials 112,600

Finished Goods 275,350

Work- in- Progress 37,800

2. Depreciation for the year is to be charges as follows:

Plant and Equipment 8% on Cost - Charged to Production

Furniture and Fixtures 10% on Cost - Charged to administration

Motor Vehicles 20% on reducing value - 25% administration

- 75% Selling and Distribution

3. Financial, Legal and Professional expenses include solicitors fees for purchase of freehold land

during year amounted to GHS 5,000,000

4. Provision is to be made for a full years interest on the loan notes

5. Income tax on the profits for the year is estimated at GHC 40,000 and is due for payment on 28th

February 2015

6. The directors recommended on 30th June that a dividend of 3.5 pesewas per share be paid on the

ordinary share capital. No ordinary dividend was paid during the year ended 31 May 2013

7. The leasehold land and buildings are held on a 50 year lease, acquired ten years ago.

Required

From the information given above, prepare the statement of comprehensive income of Ghana Aluminium

Ltd for the year to 31st May 2014 and a statement of financial position as at that date for publication in

accordance with International Financial Reporting Standards (IFRS)