The following ledger balances were extracted from the books of the National Life & General Insurance Company SAOG as on 31 December 2019. Particulars Amount OMR 37,500 60,000 75,000 187,500 52.500 28,750 Bonus to policy holders Surrender Value Agents balances Consideration for annuities Depreciation Dividends Loans to other insurance companies Advertisement Share Capital Life assurance fund Investments Particulars Premises Salaries to employees Miscellaneous expenses Premiums less re-insurance Claims by death Annuities Amount OMR 168,750 71,250 52,500 450,000 475,000 145,000 18,750 Interest and dividend 250,000 37,500 Statutory Reserve 375,000 Machinery and vehicles 465,000 Bonus in reduction of premium 210,000 Deposit at bank 147,500 187,500 15,000 240,000 You are provided with additional information about the company which has not been adjusted by the previous accountant. Claims have been recorded in ledger accounts but outstanding claims at the end of the period 31st December 2019 have not been included which amounts to $ 40,000; and outstanding premium expenses were $ 15,000. The company provided additional depreciation on machinery and vehicles amounting to $ 7,500. Interest received in advance is $ 15,000. Lastly, it was observed that miscellaneous expenses paid in advance were $ 7,500. a) Revenue account for National Life & General Insurance company and determine the closing Life Assurance balance at the end of the year b) Prepare Balance Sheet as on 31st December 2019 after making all the year end adjustments