Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Statistical Models And Analysis In Auditing

Authors: National Research Council, Division On Engineering And Physical Sciences, And Applications Commission On Physical Sciences, Mathematics, Board On Mathematical Sciences, Committee On Applied And Theoretical Statistics, Panel On Nonstandard Mixtures Of Distributions

1st Edition

0309078172, 978-0309078177

More Books

Students also viewed these Accounting questions