Case No.2 The cash account of Corepac Company showed a ledger balance of OMR 3,965.850 on March 31 2020. The bank statement as of that date showed a balance of OMR 4,150. The following facts were found in the records relating to the month of March. . IBRACOLLEGE OF TECHNOLOGY There were bank service charges for March OMR 25. A bank memo stated that company note for OMR 900 and interest of OMR 36 has been collected on March 29, 2020, and the bank has made a charge of OMR 5.500 on the collection Receipts for March OMR 2,890 were not deposited until April 2, 2020. Cheques outstanding on March 30, 2020 totalled OMR 2,136.050. The bank has charged the company for a customer's uncollectible cheque amounting to OMR 453.200 on March 29, 2020. A customer's cheque for OMR 90 has been entered as OMR 60 in the cash receipts journal by company on March 15, 2020. Cheque no. 742 in the amount of OMR 491 has been entered in the cash book as OMR 419 and the cheque no. 747 in the amount of OMR 58.200 has been entered as OMR 582. Both cheques has been issued to pay for purchase of equipment Question No. 2 You are required to: (1) Prepare a bank reconciliation statement for Corepac Company as on March 31, 2020. (7 Marks) (ii) Assume the company is sure that it will collect its trade receivable completely. So the accounts officer has decided to record the sales revenue at the time of collecting the receivable. Give your opinion on the decision of the officer. [Answer in 40-60 words) (2 Marks) Case No.2 The cash account of Corepac Company showed a ledger balance of OMR 3,965.850 on March 31 2020. The bank statement as of that date showed a balance of OMR 4,150. The following facts were found in the records relating to the month of March. . IBRACOLLEGE OF TECHNOLOGY There were bank service charges for March OMR 25. A bank memo stated that company note for OMR 900 and interest of OMR 36 has been collected on March 29, 2020, and the bank has made a charge of OMR 5.500 on the collection Receipts for March OMR 2,890 were not deposited until April 2, 2020. Cheques outstanding on March 30, 2020 totalled OMR 2,136.050. The bank has charged the company for a customer's uncollectible cheque amounting to OMR 453.200 on March 29, 2020. A customer's cheque for OMR 90 has been entered as OMR 60 in the cash receipts journal by company on March 15, 2020. Cheque no. 742 in the amount of OMR 491 has been entered in the cash book as OMR 419 and the cheque no. 747 in the amount of OMR 58.200 has been entered as OMR 582. Both cheques has been issued to pay for purchase of equipment Question No. 2 You are required to: (1) Prepare a bank reconciliation statement for Corepac Company as on March 31, 2020. (7 Marks) (ii) Assume the company is sure that it will collect its trade receivable completely. So the accounts officer has decided to record the sales revenue at the time of collecting the receivable. Give your opinion on the decision of the officer. [Answer in 40-60 words) (2 Marks)