Question 3: The following balances were taken from Al Buraimi Company as at 31.12.2019 I lUpdate Labels Results Check for Errors ne Field & Insert Fields Merge Finish Preview Results Balances Name of accounts Capital Creditors Overdraft Loans Notes Payable Cash Bank Debtors Marketable securities Land Buildings Cars Machines Furniture Insurance Expenses Salaries Expenses Rent Expenses Interest Expenses Phone Expenses Electricity Expenses Bad Debts Depreciation Expenses Services Revenues Interest Revenues Rent Revenues Opening Stock Purchases Sales Returns Sales Purchases Returns 60 000 40 000 150 000 50 000 60 000 200 000 100 000 120 000 140 000 240 000 140 000 180 000 20 000 40 000 40 000 60 000 30 000 20 000 24 000 30 000 36 000 60 000 60 000 40 000 90 000 360 000 70 000 670 000 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 RO 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 I Services Revenues 6 000/Month Interest Revenues 4 000/Month Rent Revenues 2 000/Month 13 I Trial Balance Dr. Cr. Name of accounts Capital Creditors Overdraft Loans Notes Payable Cash Bank Debtors Marketable securities Land Buildings Cars AILINGS REVIEW VIEW Rules Match Fields le Update Labels Insert Merge Field- asert Fields Preview Results K Find Recipient Check for Errors Preview Results Finish & Merge Finish Machines Furniture Insurance Expenses Salaries Expenses Rent Expenses Interest Expenses Phone Expenses Electricity Expenses Bad Debts Depreciation Expenses Services Revenues Interest Revenues Rent Revenues Opening Stock Purchases Sales Returns Sales Purchases Returns Rules Match Fields Update Labels ting Insert Merge he Field- & Insert Fields Find Recipient Preview Results Check for errors Preview Results Income statement Finish & Merge - Finish 1 TASK 2_2591b211817699be7683a364452b8bf [Read-Only] - Word AILINGS REVIEW VIEW K Rules Match Fields la Update Labels Insert Merge Field- Insert Fields Preview Results Find Recipient Check for Errors Finish & Merge Finish Preview Results Explanation Dr Cr 1 TASK 2 25916217817699be7683a364452b3a6f [Read-Only] - Word 5 MAILINGS REVIEW VIEW Rules Match Fields Greeting Insert Merge Line Field lUpdate Labels Vrite & Insert Fields Preview Results K Find Recipient Check for Errors Preview Results Finish & Merge Finish Balance sheet Current Assets Current Liabilities: Long term Liabilities: Fixed Assets: Owner's equity