You are given the following additional information: a. Stocks on 30/06/19 were:

Direct material = GH 7,500 W-I-P = GH10,275 Finished goods = GH 8,250

b. Depreciation is to be provided on cost at the following rates:

plant and machinery = 10%; office equipment = 20%

c. Mr. Abban, the owner, took the following goods for his personal use: Direct material = GH2,500 Finished goods = GH3,000

d. Common expenses are to be allocated as follows: ELECTRICITY

Manufacturing = 70%

Administration = 30%

RATES AND INSURANCE

Manufacturing = 80%

Administration = 20% WAGES

Manufacturing = 6/10

Administration = 4/10

e. Goods are transferred to trading department at a mark-up of 20%.

You are required to prepare the manufacturing income statement for the year ended 30th June 2019 as well as the statement of financial position as at that date.