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On 1 January 2011, Godson Ltd entered into a GHC11,000,000 contract for the construction of an office complex in Kumasi. The building was completed at the end of December 2011. During the period, the following payments were made to the contractor;
Payment Date Amount (GHC'000)
1 January 2011 1,000
31 March 2011 3,000
30 September 2011 6,000
31 December 2011 1,000
Total 11,000
Godson's borrowings as at its year end of 31 December 2011 were as follows ;
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