QUESTION 4CreditDebitGH¢100,000 Ordinary shares of GH¢1 cach, fully paid.20,000 5% Preference shares of GH¢1 each, fully paid8% Debentures-GH¢100,00020,000-30,00010,00012,476Capital reserve.Retained earnings.PPE: Motor vehicles at revaluationAccumulated Depreciation on vehicles-Inventory.Trade receivables / Trade payablesProvision for doubtful debts -Bank balancePurchases / SalesWages and salaries.General administration expenses-Directors' remunerationReorganisation expenses.Debenture interest paidOrdinary dividend (interim).210,00019,00014,16711,000 8,012324-9,731186,000 -271,70016,3623,912-15,5001,6401,2002.000471,512471,512Additional Information:1. Inventory at 31/12/2018 is valued at GH¢23,487.2. Depreciation of motor vehicles is to be provided at the rate of 10% per annum usingthe fixed instalment method. Depreciation on motor vehicles is treated as DistributionCost.3. The provision for doubtful debts is to be made equal to 5% of Trade Receivables as at31/12/2018. Any increments in provisions for doubtful debts are treated asDistribution Cost. (a5o+ s20 744. Debenture interest of GH¢1,200 and preference share dividends of GHe 1,000 areoutstanding at 31/12/2018. .5. Provision is to be made for taxation on the year's profit amounting to GH¢ 9,700·6. A final ordinary dividend of 5 pesewas (i.e. GHe 0.05) per share is to be provided forin addition to the interim ordinary dividend paid.Required:Prepare UP Limited's:a) Income Statement for the year ended 31/12/2018;b) Retained Earnings Account for the year ended 31/12/2018; andc) Statement of Financial Position as at 31/12/2018.1900021, om

Answered: QUESTION 4 Credit GH¢ 100,000 20,000…

QUESTION 4 Credit GH¢ 100,000 20,000 The following Trial Balance related to UP Ltd as at 3/12/2018: Debit GH¢ L00 00o haree of GHdl cach, fullyY paid.

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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