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QUESTION 1 The following is the Trial Balance of Gyawu Enterprises, a dealer in Hanking...

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QUESTION 1 The following is the Trial Balance of Gyawu Enterprises, a dealer in Hanking Solfware, as at 31 st December 2021. Additional information available is given below: i. The inventory shects as at 31/122021 pat the value of imsutory at GHS129,500. ii. Allowance for dowbtful debt is so he increased to GHS19,0s0 as at 31 December 2021. iii. An amount of GHS6,000 in respect of rent and rates is included in administrative expenses. This amount relates to 2022 financial year. iv. All items of property, plant and equiprnent ate depecciated at the nate of 10% per annum on the straight line basis. 1 Lecturet: Ahasan tremule, ca v. An amount of GIIS10,000 incurred in the repair of a plant had becn debitiod to the plant account. vi. Personal withdrawal of cash amounting to GHS25,000 was made by Mr. fsaac Gyawu, the proprictor. This has not boen frecotded in the financial rocouts. Required: Prepare in a suitable form for publication, a. Income statement for the year ended 31sa December 2021. 10 marks b. Statenent of Financial Positioe as at 31 st Deceniber 2021. 10 marks All statements are to be peepared in accoedance with the requircments of Intemational Finascial Reporting Standands. lemore taxation. 28 marks

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