Phylis Ltd has the following transactions in respect of its goods during Dec 2015. Opening stock 78 units @ GH¢25 Dec 5 bought 250 units @ GH¢24 Dec 10 sold 175 units @ GH¢95 Dec 11 bought 140 units @ GH¢26 Dec 12 sold 200 units @ GH¢48 Dec 15 paid for printing GH¢7,200 Dec 16 bought 400 units @ GH¢20 Dec 22 sold 140 units @ GH¢85 Dec 22 commission to sales Executives GH¢ 20,000 Dec 23 sold 155 units @ GH¢40
Phylis Ltd has the following transactions in respect of its goods during Dec 2015.
Opening stock 78 units @ GH¢25
Dec 5 bought 250 units @ GH¢24
Dec 10 sold 175 units @ GH¢95
Dec 11 bought 140 units @ GH¢26
Dec 12 sold 200 units @ GH¢48
Dec 15 paid for printing GH¢7,200
Dec 16 bought 400 units @ GH¢20
Dec 22 sold 140 units @ GH¢85
Dec 22 commission to sales Executives GH¢ 20,000
Dec 23 sold 155 units @ GH¢40
Additional information;
1. The cost of carrying a unit material inwards was agreed at GH¢1.5
2. Out of the general administrative expenses of GH¢15,200 only GH¢3,700 had been paid during December.
3. The goods sold on December 23rd only 20% has been collected by the company as at close of the year-month
4. The outstanding balance of GH¢7,100 was paid on the 20th January 2021
You are required to:
(a) Show the balance sheet extract as of 31/12/2020
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