Case Study:

The transactions related to AMT Engineering Consultants for the year ended December 31, 2022 are provided herewith. You are required to prepare the ledger and answer the following questions:

1. Salary paid only for 10 months.
2. A physical examination revealed that supplies worth OMR2,000 are currently available for future use.
3. The insurance premium is paid for one year, starting from July 1 2022
4. Interest on the loan is unpaid (The company took a loan OMR50,000 on March 1, 2022. The rate of interest is 4.5% per annum)
5. As of December 31, 2022, AMT Engineering had earned OMR20,000 of the OMR40,000 received in Event 9.
6. The advance rent is paid for one year starting July 1, 2022

\begin{tabular}{|c|l|} \hline Event No. & Transaction \\ \hline 1 & AMT Engineering acquired OMR 100,000 by issue of Common Stock. \\ \hline 2 & The owner took OMR 50,000 as loan from Bank Muscat. \\ \hline 3 & OpenedanaccountinBankMuscat(CurrentAccount).AnamountofOMR50,000depositedintotheaccount. \\ \hline 4 & Rented an office. An advance of OMR12,000 is paid by issue of a bank cheque \\ \hline 5 & Purchased office furmiture OMR5,000 on credit from Fahmy Furnitures. \\ \hline 6 & Bought office supplies paying OMR5,000. \\ \hline 7 & BoughtacarfromSaudBahwanforOMR10,000.Theamountispaidbytheissueofabankcheque \\ \hline 8 & Paid the amount due to Fahmy Furniture in cash \\ \hline 9 & CollectedOMR40,000asadvancetoprovidefutureservicesoveraoneyearperiodstartingfromJuly1,2020. \\ \hline 10 & Received consulting revenue from a customer OMR40,000 \\ \hline 11 & Paid OMR30,000 as salaries to the staff. \\ \hline 12 & Paid utilities charges OMR400 \\ \hline 13 & Traveling expenses paid OMR 100 \\ \hline 14 & Received OMR25,000 as consulting revenue from MM Projects. \\ \hline \end{tabular} \begin{tabular}{|c|l|} \hline 15 & PaidOMR500towardsinsurancepremium.Thepremiumispaidforoneyear,startingfrom1sTJuly2020. \\ \hline 16 & Office supplies purchased on account OMR2,000 \\ \hline 17 & Bought computers for office OMR1,500 \\ \hline 18 & Provided consulting service on account OMR 10,000 \\ \hline 19 & Interest on loan paid OMR750 \\ \hline 20 & Purchased land paying OMR100,000 \\ \hline 21 & Dividend paid OMR 10,000 \\ \hline 22 & Received OMR5,000 from account receivable. \\ \hline \end{tabular}