Question
Target LLC company is one of the supplier for PDO in Oman. The company is has started to set up facilities in Fahud and Duqm
Target LLC company is one of the supplier for PDO in Oman. The company is has started to set up facilities in Fahud and Duqm region in Oman. You are the accountant of the company. Your management wants you to prepare the financial statement in such a way, easy for them to understand. You are required to present the Trial Balance and the financial statements after incorporating the adjustments in a single statement using excel. The following are the details of the Trial Balance for the company. Particulars Amount (RO)
Return Outward 406,000
Commission Income 103,250
General reserve 1,400,000
Accumulated Depn-Heavy vehicles 612,500
Equity Share Capital 10,500,000
Revenue 19,775,000
Bank Muscat Loan 2,100,000
Accounts Receivables 3,062,500
Cash and Bank 592,200
Property Building premises 7,000,000
Directors Fees 120,455
Income Tax 63,895
Income from Investment 184,350
Heavy vehicles Cost 1,225,000
Salaries 1,020,600
Selling and Dist exp 1,925,000
Sundry Creditors 2,562,000
Conveyance expense 14,188
Insurance expense 16,350
Discount Income 33,663
Maintenance Expense 3,125
Air-conditioning Plant 7,000,000
Purchases 13,827,100
Returns inwards 929,250
Carriage Outwards 877,100
Repair & Renewals 56,900
Telephone Expense 23,640
Petrol Expense 17,260
Bills payables 70,100
Profit on sale of property 27,700
Adjustments 1. Depreciation on Heavy Vehicles is 30% 2. Closing stock was RO 150,000 3. Provision for Doubtful Debts is made @ 5% on closing receivables 4. Transfer to general reserve during the year is RO 175,500 . 5. Insurance prepaid was RO 1,350
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