Question
The following trial balance relates to Good Never Lost Company Limited as at 31st. December, 2021. Good Never Lost Company Limited Trial Balance as at
The following trial balance relates to Good Never Lost Company Limited as at 31st. December, 2021. Good Never Lost Company Limited Trial Balance as at 31st. December 2021 Dr. Cr. Ghc'000 Ghc'000 Sales 6,620.00 Purchases 4,050.00 Returns Inwards 120.00 Returns Outwards 80.00 Electricity and water 190.00 Rent 240.00 Wages 520.00 General Office Expenses 70.00 Carriage Inwards 90.00 Carriage outwards 110.00 Office Building 2,000.00 Fixtures and fittings 750.00 Account receivables 1,200.00 Accounts payables 900.00 Bank balances 120.00 Cash balances 40.00 Loan from Mr. Burton Wheeler 1,000.00 Drawings 900.00 Stated capital 2,100.00 Inventory 300.00 Total 10,700.00 10,700.00 Note: At the end of the year, management took account of goods in stock. The total value of goods came to Ghc550, 000 after the stock account on 31st. December 2021. Required: a) Prepare the Statement of Comprehensive Income for the year ended 31st. December 2021. b) Prepare the changes in equity as at 31st. December, 2021. c) Prepare the statement of Financial Position as at 31st. December 2021. Include explanatory notes to your financial statements
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