Also find the statement of net monetary gain or loss.

CPP-Final Accounts (10 Marks) Question: 1 The opening balance sheet and income statement for the year 2016 of Chand LLC., are as follows: LIABILITES OMR ASSETS OMR Share Capital 700.000 Plant & Machinery(new) 600,000 10% Debentures 200,000 Furniture 80,000 Current Liabilities 200,000 Inventory 120,000 Debtors 100,000 Cash 200.000 1,100,000 1,100,000 OMR 2.000.000 Income statement for the year ended 31 December 2016 Particulars OMR Sales Less: cost of goods sold: Opening Inventory (FIFO) 120,000 Purchases 1.420,000 1.540.000 Closing Inventory 140,000 Gross Profit Less: Operating expenses 308,000 Interest on debentures 20,000 Depreciation on Machinery 90,000 Depreciation on furniture 8.000 Net Profit 1.400,000 600,000 426,000 174,000 -300 Debtors and current liabilities remained unchanged throughout the year. Interest on debentures was paid on 31.12.2016. The general price index during the year was as follows: On 1.1.2016 On 3.12.216 -360 Average for the year -320 You are required to prepare the final accounts for the year 1996, after adjusting for the price level changes under CPP method. 2016 CPP-Final Accounts (10 Marks) Question: 1 The opening balance sheet and income statement for the year 2016 of Chand LLC., are as follows: LIABILITES OMR ASSETS OMR Share Capital 700.000 Plant & Machinery(new) 600,000 10% Debentures 200,000 Furniture 80,000 Current Liabilities 200,000 Inventory 120,000 Debtors 100,000 Cash 200.000 1,100,000 1,100,000 OMR 2.000.000 Income statement for the year ended 31 December 2016 Particulars OMR Sales Less: cost of goods sold: Opening Inventory (FIFO) 120,000 Purchases 1.420,000 1.540.000 Closing Inventory 140,000 Gross Profit Less: Operating expenses 308,000 Interest on debentures 20,000 Depreciation on Machinery 90,000 Depreciation on furniture 8.000 Net Profit 1.400,000 600,000 426,000 174,000 -300 Debtors and current liabilities remained unchanged throughout the year. Interest on debentures was paid on 31.12.2016. The general price index during the year was as follows: On 1.1.2016 On 3.12.216 -360 Average for the year -320 You are required to prepare the final accounts for the year 1996, after adjusting for the price level changes under CPP method. 2016