1. Case Analysis: Al Asasil Fashions (AAF) is a garment company, located in Ghala, Muscat, which consists primarily of much smaller garment makers.AAF was started 12 years ago by Ahmed and Salim, who has over 15 years of experience with a major garment manufacturer. And the partnership initially blended very well. Ahmed is extremely creative with a real talent for merchandising. Mainly as a result of his knowledge, the AAF is known for its quality and "in" fashions. Salim has contributed to merchandising and marketing ideas, but has mainly assumed the duties of the firm's chief operating officer. Ahmed has had little interest in the financial aspects of the company as he preferred to work on fashion designing and development of marketing strategies. A few months ago, however, he decided that he had better become more involved with the company's financials. Ahmed want to analyse the financial statement of the company to know the current financial performance and positions of the company. The following are the financial details of the AAF. Balance Sheet of Al Asasil Fashions - 2018 Liabilities OMR Assets OMR Equity share capital 23,200 Furniture 2,000 Accounts Payable 1,250 Cash in hand 2,500 Reserves and surplus 2,050 Bills receivables 2,750 Notes Payable 850 Land 8,000 Long term borrowings Marketable 6,120 securities 750 Outstanding Salaries 450 Cash in bank 4,250 Loan from Bank 2,945 Building 6,500 Preference share capital 5,250 Prepaid expenses 750 Bank overdraft 425 Cars & Trucks 3,250 Tax outstanding Account 250 Receivables 1,000 Inventory 2,150 Income earned but not received 420 Machinery 6,250 Equipment 2,220 Total 42,790 Total 42,790 1. Case Analysis: Al Asasil Fashions (AAF) is a garment company, located in Ghala, Muscat, which consists primarily of much smaller garment makers.AAF was started 12 years ago by Ahmed and Salim, who has over 15 years of experience with a major garment manufacturer. And the partnership initially blended very well. Ahmed is extremely creative with a real talent for merchandising. Mainly as a result of his knowledge, the AAF is known for its quality and "in" fashions. Salim has contributed to merchandising and marketing ideas, but has mainly assumed the duties of the firm's chief operating officer. Ahmed has had little interest in the financial aspects of the company as he preferred to work on fashion designing and development of marketing strategies. A few months ago, however, he decided that he had better become more involved with the company's financials. Ahmed want to analyse the financial statement of the company to know the current financial performance and positions of the company. The following are the financial details of the AAF. Balance Sheet of Al Asasil Fashions - 2018 Liabilities OMR Assets OMR Equity share capital 23,200 Furniture 2,000 Accounts Payable 1,250 Cash in hand 2,500 Reserves and surplus 2,050 Bills receivables 2,750 Notes Payable 850 Land 8,000 Long term borrowings Marketable 6,120 securities 750 Outstanding Salaries 450 Cash in bank 4,250 Loan from Bank 2,945 Building 6,500 Preference share capital 5,250 Prepaid expenses 750 Bank overdraft 425 Cars & Trucks 3,250 Tax outstanding Account 250 Receivables 1,000 Inventory 2,150 Income earned but not received 420 Machinery 6,250 Equipment 2,220 Total 42,790 Total 42,790