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QUESTION NO.1 The following are the details of accounts of Mr. Omar. Account Details Capital at the beginning Amount 150,000 Purchases 153,750 8,230 Drawings Salaries Expense 24,370 2,920 Return Inwards Account Receivables 148,760 Sales Revenue 252,470 37,240 1,720 Merchandise inventory beginning Stationery Advertisement expenses Accounts Payables Discount received from suppliers 16,750 64,000 6,000 Machinery at cost 28,800 50,740 Motor Vehicle at cost Bank Overdraft 10,000 35,000 Bank loan (long term) Transportation on purchases Transportation on sales 4,840 8,630 Cash at bank 30,720 Closing Stock on December 31, 2019 OMR Requirede 1. Prepare the Trial balance of Mr. Omar. (1 MARK) 2. Prepare Income Statement for the year ended 314 December 2019. (2 MARKS) 3. Balance Sheet as on 31 December 2019 (2 MARKS) QUESTION NO.2 The following are the details of accounts of Mr. Abdullah Account Details Amount Capital at the beginning 150,000 Purchases 153,750 Drawings 8,230 Salaries Expense 24,370 Return Inwards 2,920 Account Receivables 148,760 252,470 Sales Revenue 37,240 1,720 16,750 Merchandise inventory beginning Stationery Advertisement expenses Accounts Payables Discount received from suppliers Machinery at cost Motor Vehicle at cost 64,000 6,000 28,800 50,740 Bank Overdraft 10,000 35,000 4,840 Bank loan (long term) Transportation on purchases Transportation on sales Cash at bank 8,630 30,720 Capital at the beginning Purchases 150.000 153.750 Drawings 8,230 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 machinery by 10% Machinery area Motor Vehicle at et Tank Overdan Hank loan dong term) Transportation on purchases Transportation on sales 50,740 10,000 35,000 Capital at the beginning Purchases Drawings 10.720 150,000 153.750 Other Information 1. Closing Stook on December 11, 2019 OMR 2. Salaries outstanding OMR 6,000 3. Rent paid in advance OMR 2,000 4. Commission canned but not received OMR 10,000 5. Depreciate machinery by 10% Raamid 1. Prepare Income Statement for the year ended 31" December 2019. (2 Marks) 2. Balance Sheet as on 31 December 2019