OMR 200,000 IS Hashim Trading LLC is a local merchandiser in Oman. From the given Trail balance for the year ending 31.12.2019, prepare final accounts for the business. OMR Sales /turnover thcome Net Sales Purchases ex pease Cocas 85,000 15 Buildings HCA BS 40,000 Inventory at 1" Jan 2019 CA COGS 8,000 ls Cash at Bank CA BS 12,000 Trade Receivables CA 75,000 Trade Payables CL 50,000 Plant and equipment NCA 100,000 Rent and rates expense 15,000 Sales discount expense 5,000 Selling expenses expense 4,000 Wages and salaries expense 32,000 Bad Debt on Trade receivable expense 5,000 Bank interest expense - 2,000 Carriage inwards 3,000 Retained earnings as at 1 Jan 2019 income 26,000 Share Capital at 1 Jan 2019 income 100,000 10% Bank loan NCL BS 20,000 Sales return income 8,000 Carriage outwards Exlop 2,000 396,000 396,000 The following information is also available:- a) Closing Inventory at the 31 December 2019 was valued at OMR 10,000. b) Wages and salaries paid in advance for 3months amounts to OMR 10,000. c) Rent and rates of OMR 20,000 were still outstanding at the year end. d) Depreciation on building for the year OMR 1,000 and Plant and Machinery OMR 25,000 is not accounted for Required: (12 Marks) Prepare an Income Statement and Statement of Financial Position for Harshim Trading LLC for the year ending on 31 December 2019 with all relevant workings