(viii)

The intangible assets were purchased on 1 December 2018 and have a useful life of four years from

that date. Amortisation should be apportioned in accordance with note (x).

(ix)

Tax has been calculated as GH310,000 for the year.

(x)

The expenses listed above should be apportioned as indicated:

Cost of

Distribution

Administrative

sales

costs

expenses

Discounts received

100%

Insurance

50%

50%

Electricity expenses

60%

20%

20%

Increase in allowance for receivables

100%

Wages and salaries

40%

30%

30%

Directors remuneration

100%

Depreciation: Plant

100%

Buildings

50%

30%

20%

Amortisation of intangible assets

100%

Required

Prepare the following financial statements for Bobby Limited in accordance with IAS 1: Presentation of

Financial Statements:

(i) Statement of comprehensive income for the year ended 31 May 2019

(ii) Statement of changes in equity as at 31 May 2019

(iii) Statement of financial position as at 31 May 2019