question archive The trial balance below was extracted from the ledger of Aseda Ltd as at 31st December, 2020, DR GHe CR GHE 10,000 Cash at bank 240,000 Inventory at January, 2020 220
The trial balance below was extracted from the ledger of Aseda Ltd as at 31st December, 2020, DR GHe CR GHE 10,000 Cash at bank 240,000 Inventory at January, 2020 220
Subject:AccountingPrice: Bought3
The trial balance below was extracted from the ledger of Aseda Ltd as at 31st December, 2020, DR GHe CR GHE 10,000 Cash at bank 240,000 Inventory at January, 2020 220.600 Administrative expenses 65,000 Distribution costs Non-current assets at cost: -800,000 Buildings 200,000 Land -140,000 Plant and equipment 32.000 Motor vehicles Returns outwards 8200 Returns inwards 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 $20.000 Dividend paid -20.000 Sales revenue 4.175.200 Provision for doubtful debts (allowance for receivables) 3,000 Trade payables 105,000 10% Loan note 13 DOD 130,000 Revaluation surplus Stated capital 56,000 250.000 2.247,200 2.247,200 The following additional information is relevant. 1) The cost of closing inventories at 31/12/2018 was GH43,740. However due to market recession the net realisable value of the goods is GH 37.480. ii) Depreciation is to be provided as follows: • Buildings at 5% straight line, charged to administrative expenses 40,70 • Plant and equipment at 20% on the roducing balance basis charged to cost of sales 2008 209 = 1940 • Motor vehicles at 25% on the reducing balance basis, charged to distribution costs. iii) Land was revalued at GH 260.000 on 28 December, 2020 IV) 100000 new ordinary shares were issued at GHe on 20th December 2020. This transaction was completely omitted from the books (Stated capital account and bank account). ) One year interest is due on the loan notes. vi) Corporate tax provision was GH_25,000 for the year 2020. vii) expenses 200 x 251. - sooo hempien for doubtful det is to be adjusted so that it is 8% of trade receivables, charged to administrative = 35ay Required: a) Prepare Statement of profit or loss and other comprehensive income for the year ending 31 December 2020 b) Statement of Changes inity for the year ended 31 December 2020, c) Prepare statement official position as at 31 December 2020
