A company was formed on 1 March 2018 with an authorized capital of OMR 5 million divided into common stock of OMR1 each. The Cash at Bank as on 1 March 2018 is OMR100,000. The company came up with an Initial Public Offer IPO by issuing 3 million equity shares at OMR 1.300 each. The amount of Bank account should be shown on the balance sheet at the end of the year 31st December 2018 assuming that IPO is fully subscribed by the public as on 31st December 2018.

a.

OMR3,900,000

b.

OMR4,000,000

c.

OMR3,100,000

d.

OMR5,000,000

ABC Company has reported the following net income and (net loss) at the end of year. 2016 OMR 100,000 2017 (OMR 80,000) 2018 OMR 50,000 2019 (OMR 80,000) What will be the closing balance of retained earnings at the end of the year 2019?

a.

OMR 150,000

b.

OMR 10,000

c.

(OMR 80,000)

d.

(OMR 10,000)

A companys share capital consists of 5 million ordinary shares of RO 1 each, issued at a premium of 10%. What is the amount OMR of Share premium to be shown under the Equity section of the Statement of financial position?

a.

5,500,000

b.

500,000

c.

5,000,000

d.

1,000,000