QUESTION NO.1 The following are the details of accounts of Mr. Omar. Account Details Capital at the beginning Purchases Amount 150,000 153,750 8,230 Drawings Salaries Expense 24,370 2,920 Return Inwards Account Receivables 148,760 Sales Revenue 252,470 37,240 1,720 Merchandise inventory beginning Stationery Advertisement expenses Accounts Payables Discount received from suppliers Machinery at cost Motor Vehicle at cost 16,750 64,000 6,000 28,800 50,740 Bank Overdraft 10,000 35,000 Bank loan (long term) Transportation on purchases Transportation on sales Cash at bank 4,840 8,630 30,720 Closing Stock on December 31, 2019 OMR Required 1. Prepare the Trial balance of Mr. Omar. (1 MARK) 2. Prepare Income Statement for the year ended 31" December 2019. (2 MARKS) 3. Balance Sheet as on 31 December 2019. (2 MARKS) QUESTION NO.2 The following are the details of accounts of Mr. Abdullah Account Details Amount Capital at the beginning 150,000 Purchases 153,750 Drawings 8,230 Salaries Expense 24,370 Return Inwards 2,920 Account Receivables Sales Revenue 148,760 252,470 37,240 1,720 Merchandise inventory beginning Stationery Advertisement expenses Accounts Payables Discount received from suppliers Machinery at cost Motor Vehicle at cost 16,750 64,000 6,000 28,800 50,740 Bank Overdraft 10,000 35,000 4,840 Bank loan (long term) Transportation on purchases Transportation on sales Cash at bank Capital at the beginning Purchases 8,630 30,720 150,000 153,750 Drawings 8,230 Other Information: I Closing Stock on December 31, 2019 OMR 2. Salaries outstanding OMR 6,000 3. Rent paid in advance OMR 2.000 4. Commission eamed but not received OMR 10.000 5. Depreciate machinery by 10% Other Information: 1. Closing Stock on December 31, 2019 OMR 2. Salaries outstanding OMR 6,000 3. Rent paid in advance OMR 2,000 4. Commission earned but not received OMR 10,000 5. Depreciate machinery by 10% Required: 1. Prepare Income Statement for the year ended 31" December 2019. (2 Marks) 2. Balance Sheet as on 31" December 2019. (3 Marks) MacBook Air