Net profit before tax will be:a.OMR 12,740,000b.OMR 14,540,000c.OMR 13,440,000d.OMR 12,540,000Operating profit for the year will be:a.OMR 15,540,000b.OMR 10,360,000c.OMR 15,340,000d.OMR 13,540,000 Following are the balances of Bank Muscat for the year ended as on 31st December 2020 (Amounts are in 000' OMR)PARTICULARSOMRInterest on Savings Account6,000Interest on Fixed Deposits33,000Interest on Loans19,200Rent and Rates1,500Interest on Current AccountInterest on Cash Credits4,50016,800Discounts received21,000Commission Expenses600Commission ReceivedDirector's FeesSalaries and AllowancesInterest on Overdrafts2,4001506,00018,000Interest on borrowings from other banks1,500Legal Charges90Transfer Fees paid1,200Locker Rent1,800lother office expenses120Depreciation on Fixed Assets6,000Miscellaneous Expenses1,200Other Adjustments:i. Fair value of sale of investments were increased by: OMR 3,600ii. Loss on exchange difference arising on transactions of foreign operations was: OMR 600iii. Income tax expenses: OMR 9,000iv. Impairment for loans: OMR 300v. Impairment for investments: OMR 2,700vi. Rebate on bills discounted: OMR 1,800

Rebate on bills discounted for banks refers to the discount received but not earned. Such amount is…

Following are the balances of Bank Muscat for the year ended as on 31st December 2020 (Amounts are in 000' OMR) PARTICULARS OMR Interest on Savings Account 6,000 Interest on Fixed Deposits 33,000 Interest on Loans 19,200 Rent and Rates 1,500 Interest on Current Account Interest on Cash Credits 4,500 16,800 Discounts received 21,000 Commission Expenses Commission Received Director's Fees 600 2,400 150 Salaries and Allowances 6,000 Interest on Overdrafts 18,000 Interest on borrowings from other banks 1,500 Legal Charges 90 Transfer Fees paid 1,200 Locker Rent 1,800 other office expenses Depreciation on Fixed Assets Miscellaneous Expenses 120 6,000 1,200 Other Adjustments: i. Fair value of sale of investments were increased by: OMR 3,600 ii. Loss on exchange difference arising on transactions of foreign operations was: OMR 600 ili. Income tax expenses: OMR 9,000 iv. Impairment for loans: OMR 300 v. Impairment for investments: OMR 2,700 vi. Rebate on bills discounted: OMR 1,800

Following are the balances of Bank Muscat for the year ended as on 31st December 2020 (Amounts are in 000' OMR) PARTICULARS OMR Interest on Savings Account 6,000 Interest on Fixed Deposits 33,000 Interest on Loans 19,200 Rent and Rates 1,500 Interest on Current Account Interest on Cash Credits 4,500 16,800 Discounts received 21,000 Commission Expenses Commission Received Director's Fees 600 2,400 150 Salaries and Allowances 6,000 Interest on Overdrafts 18,000 Interest on borrowings from other banks 1,500 Legal Charges 90 Transfer Fees paid 1,200 Locker Rent 1,800 other office expenses Depreciation on Fixed Assets Miscellaneous Expenses 120 6,000 1,200 Other Adjustments: i. Fair value of sale of investments were increased by: OMR 3,600 ii. Loss on exchange difference arising on transactions of foreign operations was: OMR 600 ili. Income tax expenses: OMR 9,000 iv. Impairment for loans: OMR 300 v. Impairment for investments: OMR 2,700 vi. Rebate on bills discounted: OMR 1,800

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Following are the balances of Bank Muscat for the year ended as on 31st December 2020 (Amounts are in 000’ OMR) PARTICULARS OMR Interest on Savings Account 6,000 Interest on Fixed Deposits 33,000 Interest on Loans 19,200 Rent and Rates 1,500 Interest on Current Account 4,500 Interest on Cash Credits 16,800 Discounts received 21,000 Commission Expenses 600 Commission Received 2,400 Director’s Fees 150 Salaries and Allowances 6,000 Interest on Overdrafts 18,000 Interest on borrowings from other banks 1,500 Legal Charges 90 Transfer Fees paid 1,200 Locker Rent 1,800 Other office expenses 120 Depreciation on Fixed Assets 6,000 Miscellaneous Expenses 1,200 Other Adjustments: Fair value of sale of investments were increased by: OMR 3,600 Loss on exchange difference arising on transactions of foreign operations was: OMR 600 Income tax expenses: OMR 9,000 Impairment for loans: OMR 300 Impairment for investments: OMR 2,700 Rebate on bills…
Following are the balances of Bank Muscat for the year ended as on 31st December 2020 (Amounts are in 000’ OMR) PARTICULARS OMR Interest on Savings Account 6,000 Interest on Fixed Deposits 33,000 Interest on Loans 19,200 Rent and Rates 1,500 Interest on Current Account 4,500 Interest on Cash Credits 16,800 Discounts received 21,000 Commission Expenses 600 Commission Received 2,400 Director’s Fees 150 Salaries and Allowances 6,000 Interest on Overdrafts 18,000 Interest on borrowings from other banks 1,500 Legal Charges 90 Transfer Fees paid 1,200 Locker Rent 1,800 Other office expenses 120 Depreciation on Fixed Assets 6,000 Miscellaneous Expenses 1,200 Other Adjustments: Fair value of sale of investments were increased by: OMR 3,600 Loss on exchange difference arising on transactions of foreign operations was: OMR 600 Income tax expenses: OMR 9,000 Impairment for loans: OMR 300 Impairment for investments: OMR 2,700 Rebate on bills…
3. From the following information relating to Bank Şobar, prepare Income Statement for the year ended 31st March 2020. Show the calculations separately. (PREPARED SHEDULES) Particulars Interest on overdraft Establishment Interest on bill discounted R.O 550,000 70,000 300,000 Rent Salaries 25,000 15,000 Interest on savings Printing and stationery Interest on fixed deposits Commission Interest on loan Interest on Borrowing Interest on cash credit Administration's fees Postage and telegram Maintenance expenses General Reserve 80,000 5,900 55,000 90,000 45,000 42,000 275,000 7,000 2,500 8,400 50,000 30.000 Loan Additional information: 1. Provide OMR 50,000 for doubtful debts 2. Provide OMR 120,000 for taxation 3. Rebate on bills discounted on 31-03-20 OMR 60,000 4. Dividend proposed to pay OMR 30,000 5. Last year Profit OMR 100,000
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Following are the balances of Bank Sohar for the year ended as on 31st December 2019 (Amounts are in 000’ OMR) PARTICULARS OMR Term loans 7,600 Cash with Central Bank of Oman 20,000 General Reserve 12,400 Share capital 8,000 Non-Banking assets 672 Land and building 2,328 Borrowings from other banks 9,500 Rebate on bills discounted 100 Notes payable 260 Cash credit and Bank overdraft 102,000 Cash with other banks 12,000 Cash in hand 760 Vehicles 5,900 Surplus transferred from income statement 3,790 Corporate securities 50,000 Money at call and short notice 3,600 Current account 84,400 Savings deposits 85,200 Other Adjustments: i. Vehicles was depreciated @ 10% ii. Additional general reserve was created for RO 620 From the above information Prepare Balance sheet and based on that information answer the following ‘3’ multiple choice questions (Do not upload Income Statement in moodle). The…
The deposit in transit balance for the previous and current months are P200,000 and P100,000, respectively. If the total deposits acknowledged by the bank is P1,100,000 compute the book’s total deposits.
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(Accounts receivable and uncollectible accounts) The following information relates to Bedford Company’s accounts receivable: Accounts receivable balance on December 31, 2023 $ 900,000Allowance for expected credit losses balance on December 31, 2023 55,000Credit sales made in 2024 5,800,000Collections from customers on account in 2024 4,900,000Accounts receivable written off in 2024 70,000Accounts previously written off that were recovered in 2024(not included in the collections above) 6,000After grouping its receivables by geographic region, the credit risk characteristic identified as being best for determining credit losses, and estimating the expected rate of credit losses for each group, the company estimates that the total expected credit losses at December 31, 2024, will be $80,000. The allowance account is to be adjusted accordingly. Required Calculate the ending balance in Accounts Receivable, as at December 31, 2024.Calculate the Allowance for Expected Credit…
The following information was included in the bank reconciliation for EEECompany for October and November 2020: Checks and charges recorded by bank in November, including a November service charge of P10,000 and NSF check of P50,000 1,375,000 Service charge made by in October and recorded by depositor in November 5,000 Total credits to cash in all journals during November 1,550,000Customer’s NSF check returned in October and redeposited in November (no entry made by depositor in either October or November) 100,000 Outstanding checks on October 31,2020 that cleared in November 575,000 What is the total amount of outstanding checks on November 30,2020? FFF Company had the following bank reconciliation on June 30, 2020:
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