Question 1Zicco owns a provision shop at Keta. On 31 December, 2020the following trial balance was extracted from her books:Cr.Dr.GHEGHECapital (1/1/2020)960,000Motor van(cost)680,000Equipment (cost)320,000Accumulated depreciation:Motor van128,000Equipment104,000Inventory (1/1/2020)Purchases and sales450,000Returns12,000Carriage outwardsCarriage inwardsTrade ReceivablesTrade payables120,000Allowance for receivables16,000Bad debtsWages and Salaries270,000Discounts88,000Postage and StationeryUtility Bills10% Loan160,800Rent & RatesSundry expensesCashBankPersonal drawings$8,0003.108.8003.108.800The following additional information was made available:i) Inventory at 31 December, 2020 was valued at Ghe176,000.ii) Depreciation at the rate of 40% on cost for Motor Van and50% on Equipment on reducing balance method basis.iii) An amount of GHe 28,000 is accrued in respect ofPostage and Stationery at 31 December, 2020.iv) Allowance for receivables is to be adjusted to GH10,000 at 31 December, 2020 as a result of improvementin debt recovery efforts.v) Rent and rates pre-paid amounted to Ghr25,600vi) The loan was contracted on 1 January, 2020. Provisionshould be made for the interest on loan.Required:a) Prepare the Income statement for the year ended 31"December, 2020b) Prepare the Statement of financial position as at 31"December, 20201520,00027,000120,00048,00020,400290,00060,00054,000132,00042,000128,000100,00040,000239,400

Inventory valuation is a process of calculating the inventory of the business. The specific…

Question 1 Zicco owns a provision shop at Keta. On 31" December, 2020 the following trial balance was extracted from her books: Dr. Cr. GHC GHE Capital (1/1/2020) 960,000 680,000 Motor van(cost) Equipment (cost) 320,000 Accumulated Motor van Equipment 104,000 Inventory (1/1/2020) Purchases and sales 450,000 Returns 12,000 Carriage outwards Carriage inwards Trade Receivables Trade payables 120,000 Allowance for depreciation: 128,000 1520,000 27,000 120,000 48,000 20,400 290,000

Question 1 Zicco owns a provision shop at Keta. On 31" December, 2020 the following trial balance was extracted from her books: Dr. Cr. GHC GHE Capital (1/1/2020) 960,000 680,000 Motor van(cost) Equipment (cost) 320,000 Accumulated Motor van Equipment 104,000 Inventory (1/1/2020) Purchases and sales 450,000 Returns 12,000 Carriage outwards Carriage inwards Trade Receivables Trade payables 120,000 Allowance for depreciation: 128,000 1520,000 27,000 120,000 48,000 20,400 290,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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