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
1,35,000
Equity Shares of OMR 10 each
10,00,000
Furniture and fittings
300,000
5% preference shares
OMR 10 each
10,00,000
Payments in advance
62,000
Bills Payable
86,250
Inventories
15,000
Long-term loans from Bank Muscat
251900
Trade Creditors
4,05,750
Trade Investment
20,000
General Reserve
4,57,000
Provision for Taxation
1,24,000
Sundry Debtors
7,000
Sundry creditors
9,800
Bills Receivables
22,600
Outstanding Expenses
18,000
Plant and Machinery
250,000
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 61,199
Interest
OMR 1,160
OMR 2,100
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
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Issues In Management Accounting
Authors: Trevor Hopper, Robert W. Scapens, Deryl Northcott
3rd Edition
0273702572, 978-0273702573
