a) What are the legal formalities the companies in Oman have to undergo to operate business as a Joint Stock Company? Explain briefly. b) Read Articles of Association and Memorandum of Association of any one SAOG company in Oman and explain briefly in your own words what you have understood from these documents

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On 1/1/2011, the Health Ministry authorized the construction of a new building in Ibra Hospital exp to cost RO1,000,000 the amount will be received from the government grant. The following transac were occurred during the year. Planning and architect's fees are paid RO 40,000 A contract is awarded for RO 950,000 Construction is certified to be 50% complete and a bill for RO 475,000 is received fron contractor RO 450,000 cash paid to contractor Required: Prepare Statement of revenues, expenditures & changes in fund balances