The following is the Trial Balance of docutech Ltd, a dealer in ICT Equipment, as at 31st December, 2021. GHS GHS Capital 240,000 Receivables and Payables 159,000 51,000 Inventory 99,000 Motor vehicles: (cost) 72,500 Accumulated depreciation (31 December 2020) 32,500 Office equipment: (cost) 90,000 Accumulated depreciation (31 December 2020) 30,000 Administrative expenses 26,000 Purchases and sales 243,750 490,500 Employee benefits 33,000 Selling expenses 20,000 Plant: (cost) 125,000 Accumulated depreciation (31 December 2020) 37,500 Discounts 7,500 12,500 Accruals 79,000 Investment income 27,500 Returns 12,000 17,500 Cash and cash equivalents 126,750 Allowance for doubtful debts 31 December 2020 14,000 Bad debts 17,500 1,032,000 GHS GHS The inventory sheets as at 31/12/2021 put the value of inventory at GHS129,500. Allowance for doubtful debt is to be increased to GHS19,080 as at 31 December 2021. An amount of GHS6,000 in respect of rent and rates is included in administrative expenses. This amount relates to 2022 financial year. All items of property, plant and equipment are depreciated at the rate of 10% per annum on the straight line basis. An amount of GHS10,000 incurred in the repair of plant had been debited to the plant account. Personal withdrawal of cash amounting to GHS25,000 was made by Miss Sonia, the proprietress. This has not been recorded in the financial records. Required : Prepare in a suitable form for publication,Income statement for the year ended 31st December, 2021.Statement of financial Position as at 31st December, 2021Changes in Equity ast at 31st December, 2021

The following is the Trial Balance of docutech Ltd, a dealer in ICT Equipment, as at 31st December, 2021. GHS GHS Capital 240,000 Receivables and Payables 159,000 51,000 Inventory 99,000 Motor...

The following is the Trial Balance of docutech Ltd, a dealer in ICT Equipment, as at 31st December, 2021.

	GHS	GHS
Capital		240,000
Receivables and Payables	159,000	51,000
Inventory	99,000
Motor vehicles: (cost)	72,500
Accumulated depreciation (31 December 2020)		32,500
Office equipment: (cost)	90,000
Accumulated depreciation (31 December 2020)		30,000
Administrative expenses	26,000
Purchases and sales	243,750	490,500
Employee benefits	33,000
Selling expenses	20,000
Plant: (cost)	125,000
Accumulated depreciation (31 December 2020)		37,500
Discounts	7,500	12,500
Accruals		79,000
Investment income		27,500
Returns	12,000	17,500
Cash and cash equivalents	126,750
Allowance for doubtful debts 31 December 2020		14,000
Bad debts	17,500
	1,032,000		GHS	GHS

Allowance for doubtful debt is to be increased to GHS19,080 as at 31 December 2021.

An amount of GHS6,000 in respect of rent and rates is included in administrative expenses. This amount relates to 2022 financial year.

All items of property, plant and equipment are depreciated at the rate of 10% per annum on the straight line basis.

An amount of GHS10,000 incurred in the repair of plant had been debited to the plant account.

Personal withdrawal of cash amounting to GHS25,000 was made by Miss Sonia, the proprietress. This has not been recorded in the financial records.

Required
: Prepare in a suitable form for publication,

Income statement for the year ended 31st December, 2021.

Statement of financial Position as at 31st December, 2021

Changes in Equity ast at 31st December, 2021

Jun 08, 2022