Case 5: (10 Marks) In a rapidly changing Omani Banking industry, with far more players and competition than ever before, consumers are entitled to expect benchmark service and protection from whichever business they deal in the banking industry. Like any major full-service bank, Ahlibank understands that faster, easier banking can affect the way you run your business and your life. We call this "ahlibanking". You are provided with the ledger balances of Ahli Bank as on 31st March 2020 and asked to prepare its final accounts and also asked to consider the following year-end adjustments; Outstanding commission was OMR 4,500; It was decided that the bank will provide 10% depreciation on Bank vehicles. Rebate on bills discounted were OMR 3,000. The accountant informed that although the salary expenses are shown as OMR 45,000 are shown in the statement but salaries of OMR 7,500 are yet to be paid; In anticipation of the debt losses it was decided by the directors of the bank to create a provision for loss of credit is 5% on Investment Amount Particulars 18,750 Interest on fixed account 57,000 Insurance Particulars Sundry charges Bills discounted and purchased Interest on overdraft Saving Deposits Cash in hand Money at call and short notice Printing and postage Transfer fees Amount 120,000 1,500 75,000 48,000 5,700 90,000 Fixed deposits 30,000 Premises 7,500 Discount on bills 31,500 Interest on saving deposits 3,150 750 30,000 Equity Share Capital Share premium Commission and exchange Home loans and cash credits Government securities Miscellaneous expenses Salaries paid 300 Advertisement 1,500 Borrowings from other banks 375,000 Investment 75,000 Bank Vehicles 28,500 Interest on Cash credit 60,000 Statutory reserve 153,000 Rent and taxes 24,000 Cash at other banks 45,000 Directors fees 150,000 45,000 135,000 10,500 15,000 75,000 750 You are asked to prepare: a) Income statement for Ahli Bank as on 31st March 2020 b) Balance Sheet with necessary notes as on 31st March 2020