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Question Two The following is the statement of financial position of Linda &Co's Ltd. at the end of its first year of trading: Statement of financial position as at 31 December 2015 1 GHC ASSETS Non-current assets Property, plant and equipment Delivery van at cost 12,000 Depreciation (2,500) 9,500 Current assets Inventories 65,000 Trade receivables 19,600 Prepaid expenses* 5,300 Cash 750 90,650 NOT CORSE Total assets 100,150 EQUITY AND LIABILITIES Equity Original 50,000 Retained earnings 26,900 GHC 76,900 Current liabilities Trade payables 22,000 Accrued expenses 1.250 23.250 Total equity and liabilities 100,150 CORSO Linda &Co's Ltd also made available the beneath information: 1. The prepaid expenses consisted of rates (GHC300) and rent (GHC 5,000). 2. The accrued expenses consisted of wages (GHC 630) and electricity (GHC 620). 3. During 2016, the following transactions took place: 1. The owners withdrew equity in the form of cash of GHC 20,000. 2. Premises continued to be rented at an annual rental of GHC 20,000. During the year, rent of GHC 15,000 was paid to the owner of the premises. 3. Rates on the premises were paid during the year as follows: for the period 1 April 2016 to 31 March 2017, GHC1,300. 4. A second delivery van was bought on 1 January 2016 for GHC13,000. This is expected to be used in the business for four years and then to be sold for GHC3,000. 5. Wages totalling GHC 36,700 were paid during the year. At the end of the year, the business owed GHC860 of wages for the last week of the year. 6. Electricity bills for the first three quarters of the year and GHC620 for the last quarter of the previous year were paid, totalling GHC1,820. After 31 December 2016, but before the financial statements had been finalised for the year, the bill for the last quarter arrived showing a charge of GHC690. 7. Inventories totalling GHC67,000 were bought on credit. 8. Inventories totalling GHC8,000 were bought for cash. 9. Sales revenue on credit totalled GHC179,000 (cost GHC89,000). 10. Cash sales revenue totalled GHC54,000 (cost GHC25,000). 3 11. Receipts from trade receivables totalled GHC178,000. 12. Payments to trade payables totalled GHC71,000. 13. Van running expenses paid totalled GHC16,200. The business uses the straight-line method for depreciating non-current assets. Required: Prepare a statement of financial position as at 31 December 2016 and an income statement for the year to that date