The Faith Rural Bank ltd has presented the following trial balance for the 2011 financial year:
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Motor Vehicles/ Accumulated depreciation | | |
Equipment & furniture / Accum. Depreciation | | |
Computers/Accum. Depreciation | | |
Land and Building / Accum. Depreciation | | |
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Interest from short funds | | |
Interest from Government securities | | |
Interest on loan and advances | | |
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Loans and Overdrafts granted | | |
Income surplus 01/01/2011 | | |
Allowance for doubtful debts 01/01/2011 | | |
Statutory reserves 01/01/2011 | | |
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Government Treasury Bills | | |
Interest on customers deposits | | |
Amounts due to other banks | | |
Deposits with other banks | | |
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Profit on foreign exchange transaction | | |
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Commission and fee income | | |
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ADDITIONAL INFORMATION;
a) Increase allowances for doubtful debts to GHc851,700.00
b) Provide for depreciation at the following rates:
Land and Buildings 5% on cost
Equipment and Furniture 20% on cost
Computers 33 % on cost
Motor vehicles 33 % on cost
c) Provide for Audit fees of GHc60,000.00
d) Transfer 12 of net profit after tax to Statutory Reserve Fund.
e) The corporate tax provision made in the 2010 financial statements was GHc200,000.00. This was agreed with Ghana Revenue Authority at GHc220,000.00 and fully settled in March 2011. Interim tax for 2011 based on self-assessment was settled at GHc160,000.00. Corporate tax applicable to bank is 25%.
f) Directors have agreed to pay end-of-year bonus to staff estimated at GHc72,00.00. This is yet to be paid.
g) The authorized capital is 10,000 equity shares of no par value out of which 6,000 shares have been issued and fully paid.
REQUIRED;
a) Statement of comprehensive income for the year ended 31stDecember, 2011.
b) Statement of changes in equity for the year ended 31stDecember, 2011
c) Statement of financial position as at 31st December,2011
Notes are not required but show all workings.