INC tax 20 Case study ROCCO SAOG the Company') is a joint stock company registered with the Ministry of Commerce od ledustry on March 2001, in accordance with the provisions of the Commercial Companies w 1974, amended, of the Sultanate or Oman. The Company's principal activity is the manufacturing of construction material. The Company's principal place of business is located at liri, Sultanate of Oman Given below are the details of the balances as at the end of the year 2019 Share capital: The authorized share capital of the Company consists of 250,000,000 shares of Rial 0.100 each. The issued and paid-up share capital of the Company consists of 246.844,730 shares Trade and other payables include the following: Trade payables RO 2.241.975. Other accred expenses RO 1.174.546. Accred employee benefits RO 238.805. Advances from customers RO 51.260 Creditors for capital expenditure RO 33,338, Retentions payable RO 31.783. Social security taxes payables RO 10.163. Directors remeration payables RO 100.000 Cost of turnover for the year includes: Cost of raw materials and consumables RO 6,982.970. Fuel and clectricity RO 1.852,712. Direct wages RO 1.930,298. Repairs and maintenance RO 1.163.662 Other factory overheads RO 89,717 Provision for obsolete and slow-moving inventories RO 50,000 Other income has the following: Foreign exchange gains RO 33,312. Sale of scrap RO 43.150. Profit on sale of property, plant and equipment RO 11615 Salaries and other related staff costs includes salaries RO 808,912. Other related staff costs RO 1.364.604 General and administrative expenses have the following expenditures Vehicle maintenance RO 64.300 Travelling and conveyance RO 16,132. Insurance RO 19.975, Office rent RO 28.980, Registration and renewals RO 31.928. Communication expenses RO 27 800. Repairs and maintenance RO 31.238 Directors' remuneration and sitting fees RO 107 400, Miscellaneous expenses RO 56,539 Selling and distribution expense are Outward freight charges RO 2.417.057. Advertising expenses RO 576.327. Travelling expenses RO 175,833 Tax related expenses. The total Income tax expense for the year amounted to 1.285.181. current tax liability is 1.214.997 and deferred tax liability RO 377 595 The turnover for the year amounted to RO 30,828 916 The finance cost for the year totaled to RO 34,711 For the year there was unrealized fair value loss on available for sale investments of RO 656,062 Property plant and equipment includes the following assets as given below with their respective amounts of cost and accumulated depreciation as at the year-end: Cost RO Accumulated Depreciation RO Plant and Machinery 25 349.257 9,766,881 Buildings 7.097.183 2.404.891 Freehold land 185.412 Tools and Instruments 241.426 221.112 . Furniture and fixtures Office equipe Motor vehicles 637.459 353.949 503.889 303,716 663,6-17 318,098 Other equipo 639.110 374,851 Any moet spor rite The depreciation was charged for the year as follows: RO Depreciation on plant and machinery Plout and Machinery 1.420.795 building Tools and instruments, Furniture Buildings 325 541 and fixtures is to be included in cost of Freehold land Nil timover and the remaining depreciation Tools and Instruments 10.109 will be allocated to office and Furniture and fixtures 56.698 administration expenses Office equipment 73.167 Motor vehicles 89.554 Other equipment 28.778 . luventories includes Raw materials RO 1.775,280, Engineering stores and spares RO 859,783. Work in-progress RO 46,375, Finished goods RO 1,638,044. Packing materials RO 149.211. Good-is-test R0836 183. Cash and Bank balance as of the year end was RO 1.922.806 Trade and other receivables for the year end accounted to trade receivables RO 7.983,673. Other receivables and advances RO 251,470, Accrued Income RO 72.825. Pre-payments RO 112.617 Advances towards capital purchases RO 16,704 The balances of the reserves and surplus are as follows: legal reserve RO 1,639,567. Retained earung balance before adjusting the net profit for the year RO 2,371.900 The company also had at the end of the year the balance of Available for sale investments - Long term RO 2.116.916. Non-current portion of held-to-naucity investments 4.459,679. current portion of beld- to-maturity investments RO 5.000.000. Employee end of service benefits RO 614.207. Loan from Bank R) || ( 4 ) Basic earnings per shate is calculated by dividing the diet profit for the year by the number of shares outstanding during the year Net assets per share is calculated by dividing the Net assets or Total Equity at the end of the reporting period by the number of shares outstanding . . You are required to prepare Statement of Comprehensive Income and Statement of Financial position for the year ended 2019 in accordance with IFRS and other governing laws and practices followed in Oman. Also do show the necessary working notes. (15 marks) 27000 cor - Word Sq References Mailing Review View Help Tell me what ou want to do P Find - Calibri V1 VA A 14 21 | 11 Normal 1 No Spac... Heading 1 Heading 2 Title Subtitle olya A Select Editing Font Paragraph Case study 4: . . . RCC Company SAOG ("the Company) is a joint stock company registered, with the Ministry of Commerce and Industry on 1 March 2001, in accordance with the provisions of the Commercial Companies Law 1974, as amended, of the Sultanate of Oman. The Company's principal activity is the manufacturing of construction material. The Company's principal place of business is located at Tri, Sultanate of Oman. Given below are the details of the balances as at the end of the year 2019: Share capital: The authorized share capital of the Company consists of 250,000,000 shares of Rial 0.100 each. The issued and paid-up share capital of the Company consists of 246,844,730 shares. Trade and other payables include the following: Trade payables RO 2.241.975. Other accrued expenses RO 1,174,546, Accrued employee benefits RO 238,805. Advances from customers RO 51,260, Creditors for capital expenditure RO 33,338, Retentions payable RO 31,783, Social security taxes payables RO 10,163, Directors' remuneration payables RO 100,000 Cost of turnover for the year includes: Cost of raw materials and consumables RO 6,982,970, Fuel and electricity RO 1.852,712, Direct wages RO 1.930,298, Repairs and maintenance RO 1.163.662 Other factory overheads RO 89,717 Provision for obsolete and slow-moving inventories RO 50.000 Other income has the following: Foreign exchange gains RO 33,312. Sale of scrap RO 43.150. Profit on sale of property, plant and equipment RO 11.615 Salaries and other related staff costs includes: Salaries RO 808,912. Other related staff costs RO 1.364,604 General and administrative expenses have the following expenditures: Vehicle maintenance RO 64,300 Travelling and conveyance RO 16,132. Insurance RO 49.975, Office rent RO 28,980, Registration and renewals RO 31.928. Communication expenses RO 27.800. Repairs and maintenance RO 31.238. Directors' remumeration and sitting fees RO 107,400. Miscellaneous expenses RO 56,539 Selling and distribution expense are Outward freight charges RO 2,417.057. Advertising expenses RO 576,327. Travelling expenses RO 175.833 Tax related expenses: The total Income tax expense for the year amounted to 1.285,184, current tax liability is 1.214.997 and deferred tax liability RO 377,595 The turnover for the year amounted to RO 30,828,916 The finance cost for the year fotaled to RO 34,711 For the year there was imrealized fair value loss on available for sale investments of RO 656,062 Property plant and equipment includes the following assets as given below with their respective amounts of cost and accumulated depreciation as at the year-end: . . SCH . A 900) ENG 10:05 AM 5/30/2020 08 English (United States) o e to search word Sign in References Mailinge Relow wie: Help 11 Aa AalbCD Aalb De AaBbc Aabbcc AaB Aaben I Normal 7 No Spac... Heading 1 Heading 2 A- KII Title Subtitle Font Select- Editing Styles Paragraph of cost and seculated depreciation as at the year-end Cost RO Acculated Depreciation RO Plant rod Machinery 25,349,257 9,766,881 Buildings 7,097,183 2.404,891 Freehold land 185,412 Tools and Instruments 241,426 221,112 Furniture and fixtures Office equipment Motor vehicles 637,459 353,949 663,647 503,889 303,716 318,098 374,851 Other equipment 639,110 The depreciation was charged for the year as follows RO Depreciation on plant and machinery Plant and Machinery 1.420.795 building. Tools and instruments, Furniture Buildings 325 541 and fixtures is to be included in cost of Freehold land Nil turnover and the remaining depreciation Tools and Instruments 10.109 will be allocated to office and Furniture and fixtures 56,698 administration expenses Office equipment 73.167 Motor Vehicles 89.554 Other equipment 28,778 4) ENG English (United States) e W O earch Plant and Machinery Buildings Freehold land Tools and Instruments Furniture and fixtures Office equipment Motor vehicles Other equipment RO 1.420,795 325341 Nil 10.109 56,698 73,167 89,354 28,778 Depreciation on plant and machinery, building, Tools and instruments, Furniture and fixtures is to be included in cost of tumover and the remaining depreciation will be allocated to office and administration expenses. Inventories includes Raw materials RO 1,775,280, Engineering stores and spares RO 859,783, Work- in-progress RO 46,375, Finished goods RO 1,638,044, Packing materials RO 149,211, Goods-in-transit R0 336,2s. Cash and Bank balance as of the year end was RO 1.922,806 Trade and other receivables for the year end accounted to trade receivables RO 7,983,673, Other receivables and advances RO 251,470, Accrued Income RO 72,825, Pre-payments RO 112,617, Advances towards capital purchases RO 16,701 The balances of the reserves and surplus are as follows: legal reserve RO 4,639,567, Retained earnings balance before adjusting the net profit for the year RO 2.371.900 The company also had at the end of the year the balance of Available-for-sale investments - Long term RO 2.116.946, Non-current portion of held-to-maturity investments 4.459.679. current portion of held- to-maturity investments RO 5.000.000. Employee end of service benefits RO 644,207, Loan from Bank RO 435,000. Basic earnings per share is calculated by dividing the net profit for the year by the mumber of shares outstanding during the year. Net assets per share is calculated by dividing the Net assets or Total Equity at the end of the reporting period by the number of shares outstanding . You are required to prepare Statement of Comprehensive Income and Statement of Financial position for the year ended 2019 in accordance with IFRS and other governing laws and practices followed in Oman. Also do show the necessary working notes. (15 marks)