Task 1 Sales discount expense Selling expenses expense (12 Marks) Hashim Trading LLC is a local merchandiser in Oman. From the given Trail balance for the year ending 31.12.2019, prepare final accounts for the business. OMR OMR Sales /tumover income 200,000 Purchases expense 85,000 Buildings TUCA 40,000 Inventory at 1" Jan 2019 CA 8,000 Cash at Bank CA 12,000 Trade Receivables CA 75,000 Trade Payables CL 50,000 Plant and equipment NCA 100,000 Rent and rates expense 15,000 5.000 4,000 Wages and salaries expense 32,000 Bad Debt on Trade receivable expense 5.000 Bank interest expense 2,000 Carriage inwards 3,000 Retained earnings as at 1 Jan 2019 income 26.000 Share Capital at 1 Jan 2019 income 100,000 10% Bank loan CL 20.000 Sales return income 8,000 Carriage outwards Ex lop 2,000 396.000 396,000 The following information is also available:- a) Closing Inventory at the 31 December 2019 was valued at OMR 10,000. b) Wages and salaries paid in advance for 3 months amounts to OMR 10,000 c) Rent and rates of OMR 20,000 were still outstanding at the year end. d) Depreciation on building for the year OMR 1,000 and Plant and Machinery OMR 25,000 is not accounted for. (12 Marks) Required: Prepare an Income Statement and Statement of Financial Position for Harshim Trading LLC for the year ending on 31 December 2019 with all relevant workings