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QUESTION NO.2 The following are the details of accounts of Mr. Abdullah Account Details Amount Capital account as on Jan 1" 2017 100,500 Drawings 26,000 Trade accounts receivable 97,000 Trade accounts payable 40,000 Cash at bank 12,000 Stock as on 1" January 2017 100,000 Purchases 500,000 Sales 750,000 Return inward 2,000 Carriage on Purchases 3,000 Carriage on Sales 7,000 Salaries and wages 30,000 Postage 8,000 Advertising 10,000 Rent 15,000 Electricity and water 6,000 Heating & Lighting 9,000 Sales Discount 6,000 Premises (Land and Building) 40,000 Motor vehicle 16,000 Bad debts 500 Furniture and fixtures 3,000 Total 1,781,000 Other Information: 1. Closing Stock on December 31, 2019 OMR ........... 2. Salaries outstanding OMR 6,000 3. Rent paid in advance OMR 2,000 4. Commission earned but not received OMR 10,000 5. Depreciate motor vehicle by 10% Required:- 1. Prepare Income Statement for the year ended 31st December 2019. (2 Marks) 2. Balance Sheet as on 31 December 2019. (3 Marks) ASSIGNMENT BAAC1102- PRINCIPLES OF ACCOUNTING MAXIMUM MARKS = 10 QUESTION NO.1 The following are the details of accounts of Mr. Omar. Account Details Amount Capital account as on Jan 1" 2017 100,500 Drawings 26,000 Trade accounts receivable 97,000 Trade accounts payable 40,000 Cash at bank 12,000 Stock as on 1 January 2017 100,000 Purchases 500,000 Sales 750,000 Return inward 2.000 Carriage on Purchases 3,000 Carriage on Sales 7,000 Salaries and wages 30,000 Postage 8,000 Advertising 10,000 Rent 15,000 Electricity and water 6,000 Heating & Lighting 9,000 Sales Discount 6,000 Premises (Land and Building) 40,000 Motor vehicle 16,000 Bad debts 500 Furniture and fixtures 3,000 Total 1,781,000 Closing Stock on December 31, 2019 OMR Required:- 1. Prepare the Trial balance of Mr. Omar. (1 MARK) 2. Prepare Income Statement for the year ended 31st December 2019. (2 MARKS) 3. Balance Sheet as on 31st December 2019. (2 MARKS) QUESTION NO.2 The following are the details of accounts of Mr. Abdullah Account Details Amount Capital account as on Jan 1" 2017 100,500 Drawings 26,000 Trade accounts receivable 97,000 Trade accounts payable 40,000 Cash at bank 12,000 Stock as on 1" January 2017 100,000 Purchases 500,000 Sales 750,000 Return inward 2,000 Carriage on Purchases 3,000 Carriage on Sales 7,000 Salaries and wages 30,000 Postage 8,000 Advertising 10,000 Rent 15,000 Electricity and water 6,000 Heating & Lighting 9,000 Sales Discount 6,000 Premises (Land and Building) 40,000 Motor vehicle 16,000 Bad debts 500 Furniture and fixtures 3,000 Total 1,781,000 Other Information: 1. Closing Stock on December 31, 2019 OMR ........... 2. Salaries outstanding OMR 6,000 3. Rent paid in advance OMR 2,000 4. Commission earned but not received OMR 10,000 5. Depreciate motor vehicle by 10% Required:- 1. Prepare Income Statement for the year ended 31st December 2019. (2 Marks) 2. Balance Sheet as on 31 December 2019