The trial balance below was extracted from the ledger of Aseda Ltd as at 31st December, 2020, CR GHE e) Prepare statement of ficil position as at 31" December 2020 b) Statement of Changes in Faty for the year ended 31" December 2020, Cash at bank Inventory at January, 2020 Administrative expenses Distribution costs Non-current assets at cost: DR GHe 10,000 240,000 220,600 65,000 800,000 200,000 40,000 32,000 Buildings Land Plant and equipnment Motor vehicles Returns outwards- Returns inwards Carriage inwards Accumulated depreciation: Buildings Plant and equipment Motor vehicles Income surplus Trade reccivables Purchases Dividend paid Sales revenuo- Provision for doubtful debts (allowance for receivables) Trade payables 10% Loan note Revaluation surplus Stated capital 8,200 -3,800 400,000 48,000 12,000 56,000 87,600 420,000 -20,000 4,175,200 3,000 105,000 130,000 56,000 250,000 2,247,200 2,247,200 The following additional information is relevant. The cost of closing inventories at 31/12/2018 was GHe43,740. However due to market recession the net realisable value of the goods is GHE37,480. Depreciation is to be provided as follows: • Buildings at 5% straight line, charged to administrative expenses • Plant and equipment at 20% on the reducing balance basis, charged to cost of sales 1 y a= 194e • Motor vehicles at 25% on the reducing balance hasis, charged to distribution costs. Land was revalued at GHE260,000 on 28" December, 2020 i) 100000 new ordinary shares were issued at GHel. on 20th December 2020. This transaction was completely omitted from the books (Stated capital account and bank account). iv) v) One year interest is due on the loan notes vi) Provision for doubtful debt is to be adisted so that it is 4% of trade receivables, charged to administrative -2c Corporate tax provision was GHE25,000 for the year 2020. vii) expenses. Required: a) Prepare Statement of proft or loss and other comprehensive income for the year ending 31" December 2020