3. From the following information relating to Bank Şobar, prepare Income Statement for the yearended 31st March 2020. Show the calculations separately. (PREPARED SHEDULES)ParticularsInterest on overdraftEstablishmentInterest on bill discountedR.O550,00070,000300,000RentSalaries25,00015,000Interest on savingsPrinting and stationeryInterest on fixed depositsCommissionInterest on loanInterest on BorrowingInterest on cash creditAdministration's feesPostage and telegramMaintenance expensesGeneral Reserve80,0005,90055,00090,00045,00042,000275,0007,0002,5008,40050,00030.000LoanAdditional information:1. Provide OMR 50,000 for doubtful debts2. Provide OMR 120,000 for taxation3. Rebate on bills discounted on 31-03-20 OMR 60,0004. Dividend proposed to pay OMR 30,0005. Last year Profit OMR 100,000

Note 1: Calculation of discounting on bill Since the bill is discounted on 1 Feb 2016 and…

3. From the following information relating to Bank Sobat, prepare Income Statement for the year ended 31* March 2020. Show the calculations separately. (PREPARED SHEDLES) Particulars Interest on overdraft Establishment Interest on bill discounted Rent Salaries R.O 550,000 70,000 300,000 25,000 15,000 Interest on savings Printing and stationery Interest on fixed deposits Commission 80,000 5,900 55,000 90,000 45,000 42,000 Interest on loan Interest on Borrowing Interest on cash credit 275,000 Administration's fees Postage and telegram Maintenance expenses General Reserve Loan 7,000 2,500 8,400 50,000 30,000 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

3. From the following information relating to Bank Sobat, prepare Income Statement for the year ended 31* March 2020. Show the calculations separately. (PREPARED SHEDLES) Particulars Interest on overdraft Establishment Interest on bill discounted Rent Salaries R.O 550,000 70,000 300,000 25,000 15,000 Interest on savings Printing and stationery Interest on fixed deposits Commission 80,000 5,900 55,000 90,000 45,000 42,000 Interest on loan Interest on Borrowing Interest on cash credit 275,000 Administration's fees Postage and telegram Maintenance expenses General Reserve Loan 7,000 2,500 8,400 50,000 30,000 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

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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