The trial balance of GITMO Limited as at 31st December, 2016 is as follows: Trade Receivables:...

 

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The trial balance of GITMO Limited as at 31st December, 2016 is as follows: Trade Receivables: Trade Payables Cash and bank Revenue Purchases Inventory (1/1/2016). Distribution costs Administration expenses Ordinary shares (GH¢0.50) Revaluation surplus 5% Redeemable preference shares (2019) 5% Loan Notes Property, Plant and Equipment Investment property Rental income from investment property Retained profits (1/1/2016) Loan interest paid Preference dividend paid Interim ordinary dividend paid Corporate Tax Suspense Debit GH¢ 49,600 1 32,400 (iii) (iv) Show clearly all relevant workings. 80,000 32,000 32,000 62,200 300,000 36,000 1,600 1,800 6,400 2,000 636,000 Credit GH¢ 80,000 200,000 208,000 32,000 36,000 32,000 4,000 12,000 The following is to be taken into account: 1. The inventory at cost on 31st December, 2016 was GH¢58,000 and the net realizable value was GH 48,000. 2. The Property, Plant and Equipment include a building whose net book value is currently GH 20,000 is to be revalued to GH 36,000. 3. Depreciation charges for the year ended 31st December 2016 amounted to GH 3,200. This figure should be included in the administrative expense. 4. The directors have decided to make an allowance for doubtful debts of 4% of trade receivables. This amount should be charged to administrative expense. 5. The balance on the corporation tax account represents an under provision of tax for the previous year. Tax for the current year is estimated at GH€ 12,000. 6. The investment property was acquired in January, 2016. The rental income from the investment property GH4,000 relates to the four-year period ending 31st December, 2019. The company adopts fair value model in subsequent measurement of the investment property and fair value assessment at 31st December, 2016 puts the valuation at GH¢48,000. 32,000 636,000 7. The suspense account represents the corresponding credit for cash received for a fully subscribed issue of ordinary shares made on 30th December, 2016. The terms of the share issue was 8,000 new ordinary shares were issued at GH¢4.00 each. Required: In compliance with the Companies' Code provisions and in conformity with relevant International Financial Reporting Standards, prepare for publication; (1) The statement of profit or loss and other comprehensive income for the year ended 31" December, 2016. The statement of changes in equity for the year ended 31st December, 2016. The statement of financial position as at 31st December, 2016. The trial balance of GITMO Limited as at 31st December, 2016 is as follows: Trade Receivables: Trade Payables Cash and bank Revenue Purchases Inventory (1/1/2016). Distribution costs Administration expenses Ordinary shares (GH¢0.50) Revaluation surplus 5% Redeemable preference shares (2019) 5% Loan Notes Property, Plant and Equipment Investment property Rental income from investment property Retained profits (1/1/2016) Loan interest paid Preference dividend paid Interim ordinary dividend paid Corporate Tax Suspense Debit GH¢ 49,600 1 32,400 (iii) (iv) Show clearly all relevant workings. 80,000 32,000 32,000 62,200 300,000 36,000 1,600 1,800 6,400 2,000 636,000 Credit GH¢ 80,000 200,000 208,000 32,000 36,000 32,000 4,000 12,000 The following is to be taken into account: 1. The inventory at cost on 31st December, 2016 was GH¢58,000 and the net realizable value was GH 48,000. 2. The Property, Plant and Equipment include a building whose net book value is currently GH 20,000 is to be revalued to GH 36,000. 3. Depreciation charges for the year ended 31st December 2016 amounted to GH 3,200. This figure should be included in the administrative expense. 4. The directors have decided to make an allowance for doubtful debts of 4% of trade receivables. This amount should be charged to administrative expense. 5. The balance on the corporation tax account represents an under provision of tax for the previous year. Tax for the current year is estimated at GH€ 12,000. 6. The investment property was acquired in January, 2016. The rental income from the investment property GH4,000 relates to the four-year period ending 31st December, 2019. The company adopts fair value model in subsequent measurement of the investment property and fair value assessment at 31st December, 2016 puts the valuation at GH¢48,000. 32,000 636,000 7. The suspense account represents the corresponding credit for cash received for a fully subscribed issue of ordinary shares made on 30th December, 2016. The terms of the share issue was 8,000 new ordinary shares were issued at GH¢4.00 each. Required: In compliance with the Companies' Code provisions and in conformity with relevant International Financial Reporting Standards, prepare for publication; (1) The statement of profit or loss and other comprehensive income for the year ended 31" December, 2016. The statement of changes in equity for the year ended 31st December, 2016. The statement of financial position as at 31st December, 2016.

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Yomi Limited Statement of Cashflows For the period ending 31122016 Cashflow fro... View the full answer