Question 3: The following balances were taken from Al Buraimi Company as at 31.12.2019 [25 Marks Name of accounts Balances Capital Creditors 60 000 Overdraft 40 000 Loans 150 000 Notes Payable 50 000 Cash 60 000 Bank 200 000 Debtors 100 000 Marketable securities 120 000 Land 140 000 Buildings 240 000 Cars 140 000 Machines 180 000 Furniture 20 000 Insurance Expenses 40 000 Salaries Expenses 40 000 Rent Expenses 60 000 Interest Expenses 30 000 Phone Expenses 20 000 Electricity Expenses 24000 Bad Debts 30 000 Depreciation Expenses 36 000 Services Revenues 60 000 Interest Revenues 60 000 Rent Revenues 40 000 Opening Stock 90 000 Purchases 360 000 Sales Returns 70 000 Sales 670 000 Purchases Returns 70 000 Required: Prepare the Trial Balance and find out the Capital (3 Marks) Prepare Income statement According to Accrual basis (10 Marks) Prepare Closing Entries (5 Marks) Prepare Balance Sheet. (7 Marks) At the end of accounting period found that Closing stock R.O 80 000 - Insurance Expenses 4000/ Month - Salaries Expenses 3 000/Month - Rent Expenses 6 000/Month - Interest Expenses 2 000/Month - Phone Expenses 4 000 not paid yet - Electricity Expenses 4 000 paid in advance - Services Revenues 6 000/Month. - Interest Revenues 4 000/Month. .Rent Revenues 2 000/Month- Trial Balance DICE Vores Capital Credits Loans Notes Payable Cash Debtors Marketable securities Buildings Cars Machines Furniture Insurance Expres Salas pes Real Expres Interest Expenses Phone Expenses Electricity Expres Bad Debts Depreciation Expenses Serveer Interest Resen Rent Reven Opring Stock Purchas Sales Returns Purchases Retres Income statement Closing entries Explanation DC Balance sheet Current Assets Current Liabilities: Long term abilities: Fixed Assets: Owner's guit *** END OF ASSIGNMENT*** Equipment Creditors Building Debtors Salaris Interest Sales Purchase Renters Trial Balance Trading Account