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The trial balance below was extracted from the ledger of Aseda Led as at 31st December, 2020 DR GH CRGH Cash at bank 10.000 Inventory

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The trial balance below was extracted from the ledger of Aseda Led as at 31st December, 2020 DR GH CRGH Cash at bank 10.000 Inventory at January, 2020 240,000 Administrative expenses 220.600 Distribution costs 65.000 Non-current assets at cost: Buildings 800,000 Land 200.000 Plant and equipment 140,000 Motor vehicles 32,000 Returns outwards 12.000 Returns inwards 8.200 Carriage inwards 3,800 Accumulated depreciation: Buildings 400,000 Plant and equipment 48,000 Motor vehicles 12,000 Income surplus 56,000 Trade receivables -87.600 Purchases 420.000 Dividend paid 20,000 Sales revenue 1.175.200 Provision for doubtful debts (allowance for receivables) 3.000 Trade payables 105,000 10% Loan note 130,000 Revaluation surplus 56,000 Stated capital 250,000 2,247,200 2.247.200 The following additional information is relevant. i) The cost of closing inventories at 31/12/2018 was GH643.740. However due to market recession the net realisable value of the goods is GH437,480. ii) Depreciation is to be provided as follows: Buildings at 5% straight line, charged to administrative expenses Plant and equipment at 20% on the reducing balance basis, charged to cost of sales Motor vehicles at 25% on the reducing balance basis, charged to distribution costs. 110) Land was revalued at GH 260,000 on 28 December, 2020 neclutar iv) 100000 now ordinary shares were issued at GHe on 20th December 2020. This transaction was completely omitted from the books (Stated capital account and bank account) V) One year interest is due on the loan notes. vi) Corporate tax provision was GH25,000 for the year 2020. Provision for doubtful debt is to be adjusted so that it is 4% of trade receivables, charged to administrative expenses vii) Required: a) Prepare Statement of profit or loss and other comprehensive income for the year ending 31" December 2020 b) Statement of Changes in Equity for the year ended 31" December 2020, c) Prepare statement of financial position as at 31 December 2020

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