Question
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. Particulars OMR
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.
| 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 | 15 | 180 |
| Interest and discount |
| 2,400 |
| Commission and brokerage |
| 210 |
| Interest paid on deposits | 900 |
|
| 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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