The balances below were taken from the books of Level 100 – First Semester Enterprise as at 31/03/20 GH¢ GH¢ Plant & Machinery at cost 200,000 Depreciation on P/M 40,000 Motor Vehicles 40, 2

The balances below were taken from the books of Level 100 – First Semester Enterprise as at 31/03/20GH¢GH¢Plant & Machinery at cost200,000Depreciation on P/M40,000Motor Vehicles40,000Depreciation on Vehicles16.000Trade Receivables / Payables90,00012,000Opening Inventory60,000Bank 72,000Capital280,000Purchases and Sales220,000400,000Salaries29,000Motor Expenses12,000Rates & Insurance3,000Loan Interest6,000General Expenses16,000748,000748,000You are given the following information:1. Closing stock has been valued at GH¢50,0002. There is a salary of GH¢ 2,000 due to the staff. 3. Motor Expenses a prepayment GH¢200. 4. Depreciate Plant and Machinery is 10% on cost and 25% on reducing Balance for Motor Vehicles.5. Bad debts of GH¢500 is to be written off. Provision for doubtful debts is 2% of receivables.6. Goods taken for personal use amounts to GH¢2,000 whiles a cheque of GH¢20,000 was signed to pay his wife’s trip abroad. Required: Prepare the Income Statement and Statement of Financial Position for the year 31 March, 2020.
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