Question

In: Accounting

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 1 year ago
Next > < Previous

Related Solutions

Prepare Balance Sheet The following is the adjusted trial balance at December 31, 2018 for the...
Prepare Balance Sheet The following is the adjusted trial balance at December 31, 2018 for the Farmer Enterprises. Account Title Debits Credits   Cash 105,000   Investments 274,000   Accounts receivable 161,000   Inventories 234,000   Loans to employees 59,000   Prepaid expenses (for 2019) 35,000 Rent expense 84,000   Land 299,000   Building 1,740,000   Machinery and equipment 656,000 Trademark 171,000 Copyright 59,000 Bad debt expense 6,200 Depreciation expense 98,750 Dividends 40,000   Note receivable 345,000   Interest receivable 31,000 Cost of goods sold 242,000   Accumulated depreciation—building 639,000   Accumulated depreciation—equipment...
Forecast the Balance Sheet Following is the balance sheet for Medtronic PLC for the year ended...
Forecast the Balance Sheet Following is the balance sheet for Medtronic PLC for the year ended April 29, 2016. Medtronic plc Consolidated Balance Sheets ($ millions) Apr. 29, 2016 Apr. 24, 2015 Current assets Cash and cash equivalents $2,768 $4,843 Investments 9,758 14,637 Accounts receivable 5,562 5,112 Inventories 3,473 3,463 Tax assets 697 1,335 Prepaid expenses and other current assets 1,234 1,454 Total current assets 23,492 30,844 Property, plant, and equipment, net 4,841 4,699 Goodwill 41,500 40,530 Other intangible assets,...
Forecast the Balance Sheet Following is the balance sheet for Medtronic PLC for the year ended...
Forecast the Balance Sheet Following is the balance sheet for Medtronic PLC for the year ended April 29, 2016. Medtronic plc Consolidated Balance Sheets ($ millions) Apr. 29, 2016 Apr. 24, 2015 Current assets Cash and cash equivalents $2,988 $4,843 Investments 9,758 14,637 Accounts receivable 5,562 5,112 Inventories 3,473 3,463 Tax assets 697 1,335 Prepaid expenses and other current assets 1,234 1,454 Total current assets 23,712 30,844 Property, plant, and equipment, net 4,841 4,699 Goodwill 41,500 40,530 Other intangible assets,...
Forecast the Balance Sheet Following is the balance sheet for Medtronic PLC for the year ended...
Forecast the Balance Sheet Following is the balance sheet for Medtronic PLC for the year ended April 29, 2016. Medtronic plc Consolidated Balance Sheets ($ millions) Apr. 29, 2016 Apr. 24, 2015 Current assets Cash and cash equivalents $2,768 $4,843 Investments 9,758 14,637 Accounts receivable 5,562 5,112 Inventories 3,473 3,463 Tax assets 697 1,335 Prepaid expenses and other current assets 1,234 1,454 Total current assets 23,492 30,844 Property, plant, and equipment, net 4,841 4,699 Goodwill 41,500 40,530 Other intangible assets,...
Forecast the Balance Sheet Following is the balance sheet for Medtronic PLC for the year ended...
Forecast the Balance Sheet Following is the balance sheet for Medtronic PLC for the year ended April 29, 2016. Medtronic plc Consolidated Balance Sheets ($ millions) Apr. 29, 2016 Apr. 24, 2015 Current assets Cash and cash equivalents $3,221 $4,843 Investments 9,758 14,637 Accounts receivable 5,562 5,112 Inventories 3,473 3,463 Tax assets 697 1,335 Prepaid expenses and other current assets 1,234 1,454 Total current assets 23,945 30,844 Property, plant, and equipment, net 4,841 4,699 Goodwill 41,500 40,530 Other intangible assets,...
Balance Sheet from Adjusted Trial Balance The following is the alphabetical adjusted trial balance of the...
Balance Sheet from Adjusted Trial Balance The following is the alphabetical adjusted trial balance of the Meadows Company on December 31, 2016: Debits Credits Accounts Payable $ 9,800 Accounts Receivable $ 19,000 Accrued Payables 7,100 Accumulated Depreciation 44,000 Additional Paid-in Capital 50,600 Cash 7,900 Common Stock, $5 par 29,600 Cost of Goods Sold 179,500 Current Portion of Long-Term Debt 6,200 Deferred Taxes Payable 12,500 Dividends Distributed 7,000 General Expenses 27,560 Income Tax Expense 12,340 Income Taxes Payable 7,500 Interest Expense...
Given the following pre-closing trial balance, prepare the Balance Sheet CITY OF LASALLE General Fund Trial...
Given the following pre-closing trial balance, prepare the Balance Sheet CITY OF LASALLE General Fund Trial Balance December 31, 2017 Debit Credit Estimated Revenues and Grants      2,300,000 Estimated Other Financing Sources         400,000 Appopriations      2,150,000 Estimated Other Financing Uses         500,000 Budgetary Fund Balance           50,000 Cash         500,000 Taxes Receivable         600,000 Allowance for uncollectible taxes           50,000 Due from Federal Government         200,000 Supplies           50,000 Tax Refunds Payable         800,000 Vouchers Payable         100,000 Due...
POST ADJUSTMENTS TRIAL BALANCE OF TUTU TRADERS FOR THE YEAR ENDED 28 FEBRUARY 2017 BALANCE SHEET...
POST ADJUSTMENTS TRIAL BALANCE OF TUTU TRADERS FOR THE YEAR ENDED 28 FEBRUARY 2017 BALANCE SHEET SECTION DEBIT CREDIT CAPITAL 5 000 000 DRAWINGS        484 000 VEHICLES AT COST        777 000 PLANT AND MACHINERY AT COST        436 550 OFFICE FURNITURE AT COST        271 456 ACCUMULATED DEPRECIATION ON VEHICLES     112 000 ACCUMULATED DEPRECIATION ON PLANT      436 550 ACCUMULATED DEPRECIATION ON FURNITURE     261 456 FIXED DEPOSIT        260 000 15% LONG TERM LOAN     200...
Selected accounts from Lue Co.’s adjusted trial balance for the year ended December 31 follow. Prepare...
Selected accounts from Lue Co.’s adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Total equity $ 31,000 Employee federal income taxes payable $ 9,800 Equipment 41,000 Federal unemployment taxes payable 310 Salaries payable 35,000 FICA—Medicare taxes payable 510 Accounts receivable 7,300 FICA—Social Security taxes payable 3,700 Cash 53,100 Employee medical insurance payable 3,000 Current portion of long-term debt 5,000 State unemployment taxes payable 2,700 Notes payable (due in 6 years) 10,000 Sales tax...
question: Prepare Tracy’s income statement for the year ended December 31, 2017.    Trial balance for...
question: Prepare Tracy’s income statement for the year ended December 31, 2017.    Trial balance for Tracy Underhill as at 31 December 2017 Debit Credit      £                    _ . £ Sales revenue 695,000 Inventory (as at 1 January 2017) 105,800 Purchases 625,200 Non-current assets at cost: Equipment 100,000 Motor vehicle 80,000 Accumulated depreciation: Equipment 10,000 Motor vehicle 10,000 Insurance 14,700 Rent 30,000 Heating and lighting 10,000 Salaries and wages 40,000 Motor expenses 15,300 Miscellaneous expenses 28,500 Receivables 110,000 Allowance...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT