Warda Trading LLC is a local merchandiser in Oman. From the given Trail balance for the year ending 31.12.2019, prepare Income statement for the business.

	OMR	OMR
Sales /turnover		250,000
Purchases	106,250
Buildings	50,000
Inventory at 1st Jan 2019	10,000
Cash at Bank	15,000
Trade Receivables	93,750
Trade Payables		62,500
Plant and equipment	125,000
Rent and rates	18,750
Sales discount	6,250
Selling expenses	5,000
Wages and salaries	40,000
Bad Debt on Trade receivable	6.250
Bank interest	2,500
Carriage inwards	3,750
Retained earnings as at 1 Jan 2019		32,500
Share Capital at 1 Jan 2019		125.000
10% Bank loan		25,000
Sales return	10,000
Carriage outwards	2,500
	495,000	495,000

The following information is also available: - a) Closing Inventory at the 31 December 2019 was valued at OMR 12,500. b) Wages and salaries paid in advance for 6 months amounts to OMR 12,500. c) Rent and rates of OMR 25,000 were still outstanding at the year end. d) Rent received OMR 6,000 e) Depreciation on building for the year OMR 1,250 and Plant and Machinery OMR 31,250 is not accounted for.

Required: Prepare an Income Statement for Warda Trading LLC for the year ended 31.12.2019.