Q3: Following is the trial balance of Dhofar Company for the year ended 31 December 2020: Account Debit Credit Common Stock 48000 Accounts Receivable 17000 Accounts Payable 20000 Notes Payable 4000 Notes Receivable 22000 Bank 31000 Salary expenses 24000 Rent expenses 9000 6000 14000 Insurance expenses Other Income Machinery Buildings 52000 63000 Loan 38000 Sales 194000 Purchases 44000 Sales Return 5000 Purchase Return 24000 Opening Stock 69000 Total 342000 342000 Other information is given: 1. Closing stock is 12000 OMR. 2. Depreciation charges for Building is 10% and Machinery is 20% 3. Required: Income statement as on 31.12.2020 Balance sheet as on 31.12.2020