Question 1 PREPARATION OF FINANCIAL STATEMENTS Jamal is selling Finished Merchandise. The following trial balance was extracted from the books Jamal at the end of her financial year 31/12/2019 Trial balance as on 31/12/2019 Particulars Debit OMR Credit OMR 200,000 12,000 18,000 500 ????? 1.250 4,000 ???? Capital Debtors Creditors Provision for Doubtful Debts Drawings Cash in hand Bank Sales Purchases Opening stock Sales returns Carriage inwards Discount Allowed and Discount Received Premises Fixtures and fittings (at cost) Provision for depreciation on fixtures Rates Insurance Wages and salaries TOTAL ??? 5,000 1,000 250 400 270,000 40,000 350 7,000 1,000 2,200 20.000 ??? ??? In preparing the year-end accounts, the following should be accounted for: 1. The closing stock was valued at $ 2. Wages and salaries due but not paid amount to $_ 3. There is a prepayment on rates amounting to $ 4. Create a provision of 2% on debtors. 5. Depreciation on fixtures is to be provided at the rate of % per annum on cost You are required to: (a) Prepare Jamal's Statement of Profit or Loss for the year ended 31/12/19 (2.5 marks) (b) Draft Jamal Statement of Financial Position as at 31/12/19. (2.5 marks) (Note: The places with ????? should be filled with an imaginary amount so that your trial balance is balanced and in additional information also you can fill the with imaginary amount)