C - Long answer question (ONE compulsory question) (Total 30 Marks) ABC Trading LLC is a local merchandiser in Oman. From the given Trail balance for the year ending 31.12.2019, prepare Income statement and Financial position (Balance Sheet) for the business. OMR OMR Sales /turnover 100,000 Purchases 42,500 Inventory at 1st Jan 2019 4,000 Cash at Bank 6,000 Trade Receivables 37,500 Trade Payables 25,000 Buildings 20,000 Plant and equipment 50,000 Rent and rates 7,500 Sales discount 2,500 Selling expenses 2,000 Wages and salaries 16,000 Bad Debt on Trade receivable 625 Bank interest 1,000 Carriage inwards 1,500 Retained earnings as at 1 Jan 2019 13,000 Share Capital at 1 Jan 2019 50,000 10% Bank loan 10,000 Increase in bad debt provision on Trade receivable 1,875 Carriage outwards 1,000 198,000 198,000 The following information is also available: - a) Closing Inventory at the 31 December 2019 was valued at OMR 5,000. b) Depreciation on building for the year 2.5% and Plant and Machinery 25% is not accounted for. c) Wages and salaries paid in advance for 6 months amounts to OMR 5,000. d) Rent received OMR 9,000 e) Rent and rates of OMR 10,000 were still outstanding at the year end. Required: Prepare for ABC Trading LLC for the year ended 31.12.2019. 1. An Income Statement (16 Marks) 2. Financial position (Balance Sheet) (14 Marks)