Question
Following items appear in the accounts of Al Mazoon trading company, Muscat as on 31st March, 2020 : Cash 48,600 Bank Overdraft 52,000 Land and
Following items appear in the accounts of Al Mazoon trading company, Muscat as on 31st March, 2020 :
Cash
48,600
Bank Overdraft
52,000
Land and Building
XXXXX
Equity Shares of OMR 10 each
10,00,000
Furniture and fittings
300,000
5% preference shares
OMR 10 each
XXXXX
Payments in advance
62,000
Bills Payable
86,250
Inventories
XXXX
Long-term loans from Bank Muscat
XXXX
Trade Creditors
4,05,750
Trade Investment
20,000
General Reserve
4,57,000
Provision for Taxation
1,24,000
Sundry Debtors
XXXX
Sundry creditors
XXXXX
Bills Receivables
22,600
Outstanding Expenses
18,000
Plant and Machinery
XXXXX
Net Sales for the year
21,82,400
10% Debentures
2,50,000
Net Profit for the year
(before tax & dividends)
5,27,830
Statement of Profit for the year ended 31st March, 2020
Sales
OMR 21,82,400
Less : Cost of goods sold
OMR XXXX
Interest
OMR XXXX
OMR XXXXX
Net profit
OMR 527, 830
Additional Information:
Market price per equity share OMR 13.50
Tax rate for the company is 15%
You are required to arrange the above items in the form of a financial statement
XXXX : means you have to choose numbers from your mind
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Accounting for Non-Accounting Students
Authors: John R. Dyson
8th Edition
273722972, 978-0273722977
