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Task 1 Hussain Co, prepared the following trial balance on 31st December 2020 before taking account of the additional information below: Hussain Co. Trial balance as on 31st December 2020 Debit OMR Credit OMR Revenue 2,070,000 1,176,000 350.000 75,000 386 000 76,600 Purchases Building - Cost Building -accumulated depreciation at 1 January 2020 Fixtures & fitting - Cost Fixtures & fitting - accumulated depreciation at 1 January 2020 Land - Cost Trade and other receivables Trade and other payables 6% Debentures (redeemable at par on 1 September 2022) Cash and cash equivalents Retained earnings Share Capital (R.O 1 shares) Share premium Distribution costs 300.000 37 500 83,200 40,000 29.000 72,700 420,000 99,000 276,000 Pg. 4 | version 289,000 Administrative expenses Inventories as at 1 January 2020 Dividend paid for year ended December 2020 12,000 84,000 2,939,500 2,939,500 Additional Information: () a (1) Inventories on 31st December 2020 had a cost of OMR 18,000 and a net realisable value of OMR 15,000 (2) On 1st June 2020Hussain Co. Issued 300,000 OMR1.000 ordinary shares at a cash price of OMR1.250 per share. The full amount has been recognised in ordinary share capital (3) On 1st January 2020 one of Hussain Co's premises had a refit costing OMR 120,000 and this was recognised in administrative expenses. However, on further investigation, it was discovered that half of the amount should have been recognised as part of foxtures and fittings In accordance with IAS 16 Property, Plant and Equipment. (4) On 1st January 2020 the board of directors made the decision to revalue the company's land to OMR 700,000 (5) Depreciation has yet to be charged and should be recognised in administrative expenses. Hussain Co. charges depreciation as follows: Buildings - 2% on cost Fixtures and fittings -15% reducing balance (6) Interest has not been accounted for on the 6% debenture for the year ended on 31st December 2020 (7) Hussain Co. is defending a court case as a customer is claiming damages due to accidentally slipping off the stairs in one of the retail outlets. The legal advisors have indicated that there is an 80% chance that Hussain Co will have to pay OMR20,000 and a 20% chance they will have to pay OMR50,000. The case will be settled during 2021. Any related expense should be recognised in administrative expenses. (B) The income tax charge for the year is estimated at OMR 74,900. Task 1 Hussain Co, prepared the following trial balance on 31st December 2020 before taking account of the additional information below: Hussain Co. Trial balance as on 31st December 2020 Debit OMR Credit OMR Revenue 2,070,000 1,176,000 350.000 75,000 386 000 76,600 Purchases Building - Cost Building -accumulated depreciation at 1 January 2020 Fixtures & fitting - Cost Fixtures & fitting - accumulated depreciation at 1 January 2020 Land - Cost Trade and other receivables Trade and other payables 6% Debentures (redeemable at par on 1 September 2022) Cash and cash equivalents Retained earnings Share Capital (R.O 1 shares) Share premium Distribution costs 300.000 37 500 83,200 40,000 29.000 72,700 420,000 99,000 276,000 Pg. 4 | version 289,000 Administrative expenses Inventories as at 1 January 2020 Dividend paid for year ended December 2020 12,000 84,000 2,939,500 2,939,500 Additional Information: () a (1) Inventories on 31st December 2020 had a cost of OMR 18,000 and a net realisable value of OMR 15,000 (2) On 1st June 2020Hussain Co. Issued 300,000 OMR1.000 ordinary shares at a cash price of OMR1.250 per share. The full amount has been recognised in ordinary share capital (3) On 1st January 2020 one of Hussain Co's premises had a refit costing OMR 120,000 and this was recognised in administrative expenses. However, on further investigation, it was discovered that half of the amount should have been recognised as part of foxtures and fittings In accordance with IAS 16 Property, Plant and Equipment. (4) On 1st January 2020 the board of directors made the decision to revalue the company's land to OMR 700,000 (5) Depreciation has yet to be charged and should be recognised in administrative expenses. Hussain Co. charges depreciation as follows: Buildings - 2% on cost Fixtures and fittings -15% reducing balance (6) Interest has not been accounted for on the 6% debenture for the year ended on 31st December 2020 (7) Hussain Co. is defending a court case as a customer is claiming damages due to accidentally slipping off the stairs in one of the retail outlets. The legal advisors have indicated that there is an 80% chance that Hussain Co will have to pay OMR20,000 and a 20% chance they will have to pay OMR50,000. The case will be settled during 2021. Any related expense should be recognised in administrative expenses. (B) The income tax charge for the year is estimated at OMR 74,900
