Business, 18.05.2021 14:00 ranmmm

Below is the trial balance of Ghana-Dubai Enterprise as at 31st December 2017 DR (GH¢)
CR (GH¢)
Capital
86,000
Inventory (1/1/17)
60,000
Buildings
120,000
Fixtures & Fittings
10,000
Motor Vehicles
30,000
Trade Receivables & Payables
15,000
40,000
Advertising
1,000
Insurance
1,000
Salaries
45,000
Provision for doubtful debts
500
Rates
1,000
Discounts
2,000
1,000
Returns
250
200
Sales & Purchases
80,000
150,050
Electricity
2,000
Bank
8,500
Bank loan
100,000
General expenses
2,000
377,750
377,750

Additional Information:
a)     On 30th December 2017, Joyceline decided that GH¢1,000 of the receivables balance should be written off as irrecoverable debts. Provision for doubtful debts is to be adjusted upwards by GH¢200;
b)     Electricity bill outstanding amount to GH¢500 and a quarter of the total electricity consumed relates to trading, whiles insurance premium paid in advance was GH¢200;
c)     Goods withdrawn for personal use by the owner amounted GH¢1,500
d)     Inventory at 31st December 2017 was valued at GH¢70,000; and
e)     Depreciation is charged on cost at the following rates: On fixtures and fittings - 5% and motor vehicles – 10%
You are required to prepare the income statement for the business for the year ended 31st December, 2017 and the statement of financial position as at that date.

Answers: 1

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Below is the trial balance of Ghana-Dubai Enterprise as at 31st December 2017 DR (GH¢)
CR (GH¢...

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