Ringis make. The following balances were extracted from his books on 31 July, 2019. GHS 307,442.00 28,860.00 21.488.00 104.00 Telephone and postages $84.00 14,968.00 10,432.00 2.280.00 253,066.00 12,358.00 1,578.00 32.00 3,240.00 $12.00 504.00 3,046.00 7,054.00 770.00 1,452.00 8,464.00 36,814.00 484.00 Petty cash in hand Equipment and office furniture Miscellaneous expenses Drawings Sir Ringo Discount allowed Discount received Capital Account Balance 1/8/19 Bad debes written off 5:1 72 47 Additional information: a) Amounts owing by Sir Ringo on 31 July, 2019 were Rent GHS 760.00, Travel commission and expenses GHS 1,230.00, Electricity GHS 112.00 b) Inventory at 31 July, 2019 was GHS 112.00 c) Provision: Accountancy charges GHS 462.00, Doubtful debts GHS 580.00 d) Office furniture and equipment is to be depreciated by 10%. You are required to prepare: i) Income Statement for the year ended 31 July, 2019, and A Statement of financial positions as at that date. (20 marks) A chaque dram at Question 8 Sir Ringo is a trader. The following balances were extracted from his books on 31st July, 2019. GHS 307,442.00 Sales Sales ledger Control 28,860.00 Inventory in trade 1/8/19 21,488.00 Trade subscriptions 104.00 () Telephone and postages 884.00 Travellers commission 14,968.00 Salaries 10,432.00 Rent Paid 2,280.00 Purchases 253,066.00 Purchases ledger control 12,358.00 Printing expenses 1,578.00 Petty cash in hand 32.00 Equipment and office furniture 3,240.00 Electricity 812.00 Insurance 504.00 Miscellaneous expenses 3,046.00 Drawings Sir Ringo 7,054.00 Discount allowed 770.00 Discount received 1,452.00 Cash at Bank 8,464.00 Capital Account Balance 1/8/19 36,814.00 Bad debts written off 484.00