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From the following trial balance of Iran bank, prepare the balance sheet for the year ended...

From the following trial balance of Iran bank, prepare the balance sheet for the year ended 31/12/2019.

Particulars
OMR
OMR
Share capital cr 4,000
Money at call and short notice   dr1,600

Reserve fund   cr 1,400
Cash in hand      dr 1,300

Deposits    cr 5,000
Cash at bank   dr1,900

Borrowing from NBO   cr 1,000
Investments in government securities dr 1,800

Secured loans dr 3,000

Term loan dr 1,000

Plant & Machinery less depreciation dr 1,160

Furniture less depreciation dr 240

Rent dr 10
            cr 120

Interest and discount cr 1,600
Commission and brokerage cr 140
Interest paid on deposits dr 600

Salary dr 300

Interest paid on borrowings   dr 100

Operating expenses    dr 250

Total
dr 13,260
cr 13,260
Adjustments:
I.                 Provide OMR 40 for doubtful debts
II.               Provide OMR 20 for rebate on bills discounted
III.             Acceptance and endorsements on behalf of customers amounting to OMR 800
IV.              Provide OMR 120 for taxes.

Solutions

Expert Solution

ekkarill92 answered 2 years ago
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