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Question 8 Sir Ringo is a trader. The following balances were extracted from his books on 31 July, 2019. GHS Sales 307,442.00 Sales ledger Control 28,860.00 Inventory in trade 1/8/19 21,488.00 104.00 Trade subscriptions c Telephone and postages 884.00 Travellers commission 14,968.00 Salaries 10,432.00 Rent Paid 2,280.00 Purchases 253,066.00 Purchases ledger control 12,358.00 Printing expenses 1.578.00 Petty cash in hand 32.00 3,240.00 Equipment and office furniture Electricity 812.00 Insurance 504.00 Miscellaneous expenses 3,046.00 Drawings Sir Ringo 7,054.00 Discount allowed 770.00 Discount received 1,452.00 Cash at Bank 8,464.00 Capital Account Balance 1/8/19 36,814.00 Bad debts written off 484.00 4 Additional information: a) Amounts owing by Sir Ringo on 31st July, 2019 were Rent GHS 760.00, Travellers commission and expenses GHS 1,230.00, Electricity GHS 112.00 LL b) Inventory at 31st July, 2019 was GHS 112.00 LL c) Provision: Accountancy charges GHS 462.00, Doubtful debts GHS 580.00 d) Office furniture and equipment is to be depreciated by 10%. You are required to prepare: 47 i) Income Statement for the year ended 31st July, 2019; and ii) A Statement of financial positions as at that date. (20 marks) 43) SK A chaque dram = at 53/5 Saf 4