The trial balance of SHAKERS LTD as at 31st December 2009 is as follows:

Revenue and Purchases Inventory

Distribution costs Administration expenses Receivables and Payables Reorganization expenses Cash and bank

Stated Capital (@GH1.00/share)

10% Irredeemable Preference Shares (@GH1.00/share) 10% Debentures

Non-current Assets at Net Book Value

Retained Earnings (@ 1 January 2009)

Debenture interest paid

Preference dividend paid

Interim ordinary dividend paid

Tax

Suspense

GH 50,000

20,000

11,000 9,000 8,000

GH 20,000

8,000

8,000 15,550 10,000

2,400 8,100

35,000

3,000

400

450 1,600

109,500

500 8,000

109,500

The following is to be taken into account

1. A building whose Net Book Value is currently GH5,000 was revalued to GH11,000.

2. A final ordinary dividend of GH0.10 per share is to be provided for, in addition to the

interim dividend paid.

3. The balance on the corporation tax account represents an overprovision of tax for the

previous year. Tax for the current year is estimated at GH3,000.

4. Closing inventory is GH12,000.

5. The balance on the suspense account represents the proceeds from the issue of 4,000

ordinary shares @ GH2.00/share raised on the last day of the year.

Required: Prepare for Shakers Ltd a:

a) Statement of comprehensive income for the year ended Dec 31 2009,

b) Statement of changes in equity for the year ended Dec 31 2009,

c) Statement of financial position as at Dec 31 2009.