FINAL ACCOUNTS (past Questions) QUESTION 1 Capital Retums 5,000 Ofori Schwarz operates a daily needs provision shop at t

[answerhappygod]

Final Accounts Past Questions Question 1 Capital Retums 5 000 Ofori Schwarz Operates A Daily Needs Provision Shop At T 1 (39.4 KiB) Viewed 41 times

FINAL ACCOUNTS (past Questions) QUESTION 1 Capital Retums 5,000 Ofori Schwarz operates a daily needs provision shop at the Accra Mall shopping center. On 31 December, 2018, the following balances appeared in her books Dr Cr GHe GHe 320,000 Property, Plant & Equipment (PPE) at cost 300,000 Accumulated Depreciation on PPE 60,000 Inventory (01/01/2018) 50,000 Purchases and Sales 187,500 600,000 11,250 Carriage outwards 20,000 Carriage inwards 8,500 Trade Receivables 87,500 Trade Payables 50,000 Allowance for receivables 37,500 Bod debts Cཤརིག་ལས་ མ་ དང་ རྒྱས་པ་ཡིན་པས 5 25,000 Wages and Salaries 112,500 Discounts 22,500 37,500 Advertising 55,000 Electricity Bills 17,500 20% Loan Note 67.000 Rent & Rates 37,500 Sundry Expenses 45,000 Cash 37.500 Bank 122,250 Personal Drawings 37.500 1.177,000 1177.000 Additional Information, 1 Inventory at 31 December, 2018 was valued at GH471,250 ii. Depreciation the rate of 20% on cost is to be provided on property, plant and equipment iii An amount of Gr£12,500 is outstanding in respect of wages and salaries at 314 December, 2018 iv. Allowance for receivables is to be adjusted to GH 30,000 at 31 December, 2018, The loan interest for the year was due on 31" December, 2018 but has not been paid Required: a) The Income Statement for the year ended 31 December, 2018. (12marks) b) A Statement of Financial Position as at 31 December, 2013 (8 marks) (Total 20 marks) V.