Question-1: The following balances were taken from Buraimi Company 31.12.2015 [ 10 Marks) Cash 250 000 Creditors = Accounts Payable 75 000 Buildings 175 000 Cars 200 000 Overdraft 62 500 Debtors = Accounts receivable 25 000 Bank 500 000 Furniture 150 000 Land 87 500 Loans 162 500 Marketable Securities 112 500 Machines 87 500 Purchases 200 000 Sales 375 000 Sales Returns 37 500 Purchases Returns 50 000 Opening Stock 75 000 Rent Revenues 25 000 Interest Expenses 30 000 Salaries 45 000 Electricity Expenses 10 000 Phone Expenses 15 000 Depreciation Expenses 25 000 Interest Revenues 37 500 Capital Closing Stock was 87,500 at 31/12/2015 Required: Trial balance, Trading Account and Balance sheet Trial Balance Dr I 2 Marks] Account's name Cr Cash Creditors (Accounts payable) Buildings Cars Overdraft Debtors (Accounts receivable) Bank Furniture Land Loans Marketable Securities Machines Purchases Sales Sales Returns Purchases Returns Opening Stock Rent Revenues Interest Expenses Salaries Electricity Expenses Phone Expenses Depreciation Expenses Interest Revenues Capital Trading account 1 Marks] Profit and loss Account [2 marks] [5 Marks] Balance Sheet Current Liabilities: Current Assets: Long-term Liabilities: Fixed Assets: Owner's equity: Question-2: The following balances were taken from Nizwa Company as at 31.12.2019 [20 Marks] Name of accounts Balances Sales 370 000 Creditors 50 000 Overdraft 35 000 Loans 105 000 Notes Payable 25 000 Cash 50 000 Bank 125 000 Debtors 50 000 Marketable securities 60 000 Land 100 000 Buildings 120 000 Cars 70 000 Machines 90 000 Furniture 10 000 Rent Expenses 10 000 Salaries Expenses 10 000 Electricity Expenses 20 000 Phone Expenses 20 000 Interest Expenses 15 000 Insurance Expenses 15 000 Bad Debts 15 000 Depreciation Expenses 18 000 Services Revenues 20 000 Interest Revenues 20 000 Rent Revenues 10 000 Opening Stock 45 000 Purchases 225 000 Sales Returns 35 000 Purchases Returns 35 000 Capital Required: Prepare the Trial Balance and find out the Capital Prepare Income statement According to Accrual basis Prepare Balance Sheet. At the end of accounting period found that Closing stock $ 50 000 Rent Expenses 1000/Month Salaries Expenses 500/Month Electricity Expenses 2000/Month Phone Expenses 5000 not paid yet Interest Expenses 1000/Month Insurance Expenses 1000/ Month Services Revenues 3000/Month Interest Revenues 1000/ Month Rent Revenues 500/Month Trial Balance Dr [2 Marks] Cr Name of accounts Sales Creditors Overdraft Loans Notes Payable Cash Bank Debtors Marketable securities Land Buildings Cars Machines Furniture Rent Expenses Salaries Expenses Electricity Expenses Phone Expenses Interest Expenses Insurance Expenses Bad Debts Depreciation Expenses Services Revenues Interest Revenues Rent Revenues Opening Stock Purchases Sales Returns Purchases Returns Capital Income statement [8 Marks) ) Net.. Less ........:- Gross..... Less ...............: Add ..............: Net.......... Balance sheet [10 Marks] Current Liabilities: Current Assets Long term Liabilities: Fixed Assets: Owner's equity