From the following particulars ascertain the balance that would appear in the cash book of Seven Seas as on 31" December 2019 before and after making the necessary adjustments: The following cheques of customers were paid into bank in December 2019 but were credited by the bank in January 2020: Cheques of customers: Salim OMR 700; Mohammed OMR 800; Haitham OMR 600 The following cheques were issued to suppliers by the firm in December 2019 but were presented for payment in January 2020: Suppliers: Rasha OMR 500 and Sara OMR 450 The following charges were made by the banks which were not recorded in the cash book: Incidental charges for the half year ended 31" December 2019 OMR 20 o Collection charges for outstation cheques OMR 15 The following payments made by the bank as per the standing instructions of Seven Seas were not entered in the cash book: o Insurance premium OMR 350; Subscription for commerce OMR 75 A cheque for OMR 500 which was received from a customer was entered in the bank column of cash book in December 2019 but was omitted by the bank. The bank paid a partial repayment of the bill for OMR 20 but full amount of OMR 1,000 was wrongly credited in bank column of the cash book The bank balance as per pass book was OMR 15,800 on 31" December 2019, Question No. 2 You are required to: (i) Prepare a bank reconciliation statement for Seven Seas on December 31, 2019. (6 Marks) Assume Seven Seas Company is an industrial unit, explain the importance of preparing bank reconciliation statement. [Answer in 80-100 words) (4 Marks)