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Business
Accounting
Particulars Amount Particulars Statutory reserve Amount 21,000 Interest on Fixed Deposits 240,000 Rent and taxes Premises 30,000 96,000 Bills discounted and purchased Home loans and cash credits 114,000 126,000 Interest on saving deposits Directors' fees 6,300 1,500 Fixed deposits Borrowings from other banks 150,000 60,000 Salaries paid Interest on overdraft 90,000 180,000 The following year-end adjustments to be made for the year ended 31st December 2023. Cash in hand Sundry Expenses 15,000 37,500 Interest & Discount 11,400 Miscellaneous expenses 60,000 Insurance charges 3,000 Saving Deposits 60,000 Investments 300,000 Printing and postage 600 Cash at other banks 150,000 Motor Vehicles 90,000 Share premium Advertisement 150,000 1,500 Government securities 306,000 Money at call and short notice 63,000 Interest on Cash credit 270,000 Transfer fees 3,000 Equity Share Capital Commission and exchange 750,000 75,000 a) In anticipation of the debt losses, it was decided by the directors of the bank to create a provision for loss of credit of 7% on Investment. b) Outstanding commission was OMR 2,500. c) The depreciation to be provided at 15% on Motor Vehicles and 10% on Premises. d) Rebate on bills discounted were OMR 2,000. e) The accountant informed that although the salary expenses are shown as OMR 45,000, salaries of OMR 3,500 are yet to be paid. Required: Prepare the following for Dhofar Bank for the year ended 31st December 2023. A. Income Statement B. Balance Sheet C. Compute Profitability and efficiency ratios

Particulars Amount Particulars Statutory reserve Amount 21,000 Interest on Fixed Deposits 240,000 Rent and taxes Premises 30,000 96,000 Bills discounted and purchased Home loans and cash credits 114,000 126,000 Interest on saving deposits Directors' fees 6,300 1,500 Fixed deposits Borrowings from other banks 150,000 60,000 Salaries paid Interest on overdraft 90,000 180,000 The following year-end adjustments to be made for the year ended 31st December 2023. Cash in hand Sundry Expenses 15,000 37,500 Interest & Discount 11,400 Miscellaneous expenses 60,000 Insurance charges 3,000 Saving Deposits 60,000 Investments 300,000 Printing and postage 600 Cash at other banks 150,000 Motor Vehicles 90,000 Share premium Advertisement 150,000 1,500 Government securities 306,000 Money at call and short notice 63,000 Interest on Cash credit 270,000 Transfer fees 3,000 Equity Share Capital Commission and exchange 750,000 75,000 a) In anticipation of the debt losses, it was decided by the directors of the bank to create a provision for loss of credit of 7% on Investment. b) Outstanding commission was OMR 2,500. c) The depreciation to be provided at 15% on Motor Vehicles and 10% on Premises. d) Rebate on bills discounted were OMR 2,000. e) The accountant informed that although the salary expenses are shown as OMR 45,000, salaries of OMR 3,500 are yet to be paid. Required: Prepare the following for Dhofar Bank for the year ended 31st December 2023. A. Income Statement B. Balance Sheet C. Compute Profitability and efficiency ratios

FINANCIAL ACCOUNTING
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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please need help with must must explanation , computation for each calculation , parts answer in text form

Statutory reserve Particulars Amount Particulars Amount 21,000 Interest on Fixed Deposits 240,000 Rent and taxes Premises 30,000 96,000 Bills discounted and purchased Home loans and cash credits 114,000 126,000 Interest on saving deposits Directors' fees 6,300 1,500 Fixed deposits Borrowings from other banks 150,000 60,000 Salaries paid 90,000 Interest on overdraft 180,000 Cash in hand 15,000 Sundry Expenses 37,500 Interest & Discount 11,400 Miscellaneous expenses 60,000 Insurance charges Saving Deposits 3,000 60,000 Investments 300,000 Printing and postage 600 Cash at other banks Motor Vehicles 150,000 90,000 Share premium Advertisement 150,000 1,500 Government securities 306,000 Money at call and short notice 63,000 Interest on Cash credit Transfer fees 270,000 3,000 Equity Share Capital Commission and exchange 750,000 75,000 The following year-end adjustments to be made for the year ended 31st December 2023. a) In anticipation of the debt losses, it was decided by the directors of the bank to create a provision for loss of credit of 7% on Investment. b) Outstanding commission was OMR 2,500. c) The depreciation to be provided at 15% on Motor Vehicles and 10% on Premises. d) Rebate on bills discounted were OMR 2,000. e) The accountant informed that although the salary expenses are shown as OMR 45,000, salaries of OMR 3,500 are yet to be paid. Required: Prepare the following for Dhofar Bank for the year ended 31st December 2023. A. Income Statement B. Balance Sheet C. Compute Profitability and efficiency ratios
Transcribed Image Text:Statutory reserve Particulars Amount Particulars Amount 21,000 Interest on Fixed Deposits 240,000 Rent and taxes Premises 30,000 96,000 Bills discounted and purchased Home loans and cash credits 114,000 126,000 Interest on saving deposits Directors' fees 6,300 1,500 Fixed deposits Borrowings from other banks 150,000 60,000 Salaries paid 90,000 Interest on overdraft 180,000 Cash in hand 15,000 Sundry Expenses 37,500 Interest & Discount 11,400 Miscellaneous expenses 60,000 Insurance charges Saving Deposits 3,000 60,000 Investments 300,000 Printing and postage 600 Cash at other banks Motor Vehicles 150,000 90,000 Share premium Advertisement 150,000 1,500 Government securities 306,000 Money at call and short notice 63,000 Interest on Cash credit Transfer fees 270,000 3,000 Equity Share Capital Commission and exchange 750,000 75,000 The following year-end adjustments to be made for the year ended 31st December 2023. a) In anticipation of the debt losses, it was decided by the directors of the bank to create a provision for loss of credit of 7% on Investment. b) Outstanding commission was OMR 2,500. c) The depreciation to be provided at 15% on Motor Vehicles and 10% on Premises. d) Rebate on bills discounted were OMR 2,000. e) The accountant informed that although the salary expenses are shown as OMR 45,000, salaries of OMR 3,500 are yet to be paid. Required: Prepare the following for Dhofar Bank for the year ended 31st December 2023. A. Income Statement B. Balance Sheet C. Compute Profitability and efficiency ratios
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