The company had opening balance of one million ordinary shares of OMR 0.500 baisa each. What will be the closing balance of share capital to be shown on the statement of changes in equity assuming that the company issued further 500,000 ordinary shares at OMR 1 per share?

a.

OMR 1,000,000

b.

OMR 1,500,000

c.

OMR 500,000

d.

OMR 2,000,000

Purchase of Heavy equipment costs on 1st January 2015 was OMR 6500, Accumulated depreciation on heavy equipment till 31st December 2018 OMR 2500, What will be depreciation charge on heavy equipment on 31st December 2019 assuming that the company charge 20% of depreciation on the reducing balance at the end of the year 2019.

a.

3200

b.

800

c.

5200

d.

1300

Retained profits as on 1st January 2019 was OMR 22,000, Gain on property revaluation was OMR 10,000, Dividends paid for the year RO 400. What will be the total retained earnings balance at the end of the year 2019, assuming that Net profit after tax for the year ended 31st December 2019 was RO 30,000?

a.

OMR 39,600

b.

OMR 51,600

c.

OMR 9600

d.

OMR 61,600

ABC SAOG issues 100,000 10% Redeemable Preference Stock with a par value of OMR1 was issued at a price of OMR1.600 on 1st Jan 2019. Which one of the following is Journal Entry is Correct at the time of issue of shares?

a.

Debit Bank OMR 160,000 Credit 10% Redeemable Preference Stock OMR 100,000 Credit Share premium OMR 60,000

b.

Debit Redeemable Preference Stock OMR 160,000 Credit Bank OMR 100,000 Credit Share premium OMR 60,000

c.

Debit Bank OMR 16,000 Credit 10% Redeemable Preference Stock OMR 10,000 Credit Share premium OMR 6,000

d.

Debit Redeemable Preference Stock OMR 10,000 Credit Bank OMR 10,000

ABC Company issued 10,000 equity shares of OMR 1 each. The company called up OMR 0.500baisa and the company received the entire amount except on 500 shares on which call money has not been received. The paid-up capital of the company is

a.

OMR 4750

b.

OMR 10,250

c.

OMR 9750

d.

OMR 250