Tag (SQ): Physical Count

Mensah and Associates carried out a physical count on 31 December 20X8 and finds GH₵10,000 of inventory in its warehouse.
During the year ended 31 December 20X9 the company makes GH₵70,000 of sales and buys GH₵58,000 of supplies.
The company carries out a physical count for the year ended 31 December 20X9 on 7 January 20X9 and finds GH₵15,000 worth of goods. In the six day intervening period there were sales of goods which had cost GH₵4,800 and deliveries inwards of goods costing GH₵8,000.

Required
Record inventory in the relevant ledger accounts and prepare the trading account for inclusion in the statement of profit or loss for the year ended 31 December 20X9.