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From the following trial balance of Moon Bank, prepare the profit and loss account and the balance sheet for the year ended 31/12/2019. (10 marks)
From the following trial balance of Moon Bank, prepare the profit and loss account and the balance sheet for the year ended 31/12/2019. (10 marks) Particulars OMR OMR Capital 6,000 Money at call and short notice 2,400 Reserve fund 2,100 Cash in hand 1,950 Deposits 7,500 Cash at bank 2,850 Borrowing from NBO 1,500 Investments in government securities 2,700 Secured loans 4,500 Cash credit 1,500 Premises less depreciation 1,740 Furniture less depreciation 360 Rent 180 Interest and discount 2,400 Commission and brokerage 210 Interest paid on deposits 900 La Arol Salary 450 Interest paid on borrowings 150 Audit fees 54 Operating expenses 321 Total 19,890 19,890 Adjustments: (i) Provide OMR 60 for doubtful debts (ii) Provide OMR 30 for rebate on bills discounted (iii) Acceptance and endorsements on behalf of customers amounting to OMR 1,200 (iv)Provide OMR 180 for taxes
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