Ato commenced business several years ago as a sole trader. Ato pays all the sales receipts into the business bank account. He has prepared the following bank account summary for the year ended 31st December 2015.

The following information is also available:

i) The assets and liabilities of the business at the beginning and end of the year were:

ii) Discounts received from suppliers amounted to GHȼ2,500 for the year ended 31st December 2015.

iii) Ato allowed his customers discounts of GHȼ3,000 during the year ended 31st December 2015.

iv) An allowance of receivables of 3% of receivables is to be created.

v) Ato has taken goods at a cost price of GHȼ2,800 for his personal use.

Required:

a) Prepare the  Statement  of Profit or  Loss for  Ato  for the  year ended  31st December 2015.                                  (11 marks)

b) Prepare the Statement of Financial Position for Ato as at 31 December 2015.                                                            (9 marks)

BBT, a sole trader, prepared the following Trial Balance from his accounts on 30th September 2016.

The following information is also available.
i) The closing inventory as at 30th September 2016 was valued at GHȼ6,480.
At 30th September 2016, loan interest owing amounted to GHȼ200; rent owing was GHȼ450; whilst insurance was prepaid by GHȼ120.
ii) BBT had included his son’s school fees of GHȼ1,400 in general expenses.
iii) Receivables have been analysed as follows:

iv) One half of the 10% loan is repayable during the year ending 30th September 2016, and the balance after that date.
v) Depreciation is to be provided for as follows.

Required:
a) Prepare, for BBT, the Statement of profit or loss for the year ended 30th September 2016.                                       (12 marks)

b) Prepare, for BBT, the Statement of Financial Position as at 30th September 2016.                                                      (8 marks)

Asomdwee Enterprise is run by a sole trader. The following Trial Balance was prepared from the business accounts on 30th September 2015.

The following information is also available.
i) Only 10 months’ salaries are shown in the Trial Balance. An equal amount is paid for salaries for each month of the year.

ii) As at 30th September 2015, GH¢3,200 had been prepaid for insurance, whilst GH¢410 was owing for general expenses.
iii) GH¢4,600 had been charged to general expenses for the owner’s private holiday.
iv) As at 30th September 2015, inventory was valued at GH¢22,500.
v) A customer, owing GH¢5,040 has been declared bankrupt. This amount is to be written off in full.
vi) An allowance for receivables is to be maintained at 3% of the remaining receivables.
vii) As at 30th September 2015, the business’s land was valued at GH¢100,000. Land is not depreciated.
viii) Depreciation is to be provided as follows:

• Buildings: 4% per annum using the straight line method.
• Equipment: 25% per annum using the straight line method.
• Motor vehicles: 40% per annum using the reducing balance method.

ix) There were no additions or disposals of non-current assets during the financial year.
Required:
a) Prepare the Income Statement for the year ended 30th September 2015.                                                                    (8 marks)

b) Prepare the Statement of Financial Position as at 30th September 2015.                                                                     (6 marks)

The following Trial Balance was extracted from the books of Danfo Enterprise, a second hand bags dealer as at 31st December, 2014.

The following additional information are provided:
i. Provision for doubtful debts is to be reduced by 10%.

ii. Rate and Rent has been paid in advance by two (2) months. Note that Danfo Enterprise pays GH¢1,000 each month.
iii. Stock in trade as at 31st December, 2014 GH¢80,150.
iv. A bill of GH¢6,150 for vehicle running was outstanding as at 31st December, 2014.
v. The Enterprise provide depreciation as following.

• Vehicle 20% per annum on straight line bases.
• Furniture and Fittings 20% per annum on straight line basis.

You are required to:
i. Prepare Income statement for the year ending 31st December 2014.                                                                              (8 marks)

ii. Prepare Statement of Financial Position as at 31st December 2014.                                                                              (7 marks)

The following Trial Balance was extracted from the books of Danfo Enterprise, a second hand bags dealer as at 31^st December, 2014.

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The following additional information are provided:

i. Provision for doubtful debts is to be reduced by 10%.

ii. Rate and Rent has been paid in advance by two (2) months. Note that Danfo Enterprise pays GH¢1,000 each month.
iii. Stock in trade as at 31st December, 2014 GH¢80,150.
iv. A bill of GH¢6,150 for vehicle running was outstanding as at 31st December, 2014.
v. The Enterprise provide depreciation as following.

• Vehicle 20% per annum on straight line bases.
• Furniture and Fittings 20% per annum on straight line basis.
  You are required to:
  i. Prepare Income statement for the year ending 31st December 2014.                                                                          (8marks)

ii. Prepare Statement of Financial Position as at 31st December 2014.                                                                              (7 marks)