en completed. QUESTION FOUR (20 marks) Mr. Elliot Dela started trading as a general merchant on 19 January, 2015. During his first month of trading, his total sales were GHC26,500.00 made up of GHC5,400.00 for cash and the remainder on credit terms. He started the business with his accumulated savings of GHC10,000.00 and a loan of GHC5,000.00 at an interest rate of 30% per annum. He rented a store on 19 January, 2015 and paid GHC250.00 as two months' rent. Operating expenses including assistant's wages paid during the month totaled GHC490.00. Electricity bill for the month, estimated at GHC25.00 remained unpaid at 31" January, 2015 and insurance premium for the year 2015 amounting to GHC600.00 was paid on 19 January, 2015. Purchases for the month was GHC23,500.00 and so far GHC3,500.00 had been paid to the supplier at 31 January, 2015. Mr. Elliot Dela took goods costing GHC15.00 for his personal use. Stock remaining unsold on 31st January, 2015 cost GHC7,500.00. You are required to prepare: (1) The bank account of Mr. Elliot Dela's business as at 31" January, 2015 (ii) The trading and profit and loss account for the month of January 2015 (iii) A balance sheet as at that date EXAMINER: RICHMOND OBENG Page 2 of 4