5. Prepare Extended Trial balance using spread sheet.Account TitleOMRAccount TitleOMR2,000 Purchases40,000 Wages60,000 Salaries50,000 Capital20,000 Bank loan @ 4%15,000 Bills payable10,000 Interest200,000 Sundry CreditorsCash in Hand120,000Opening stockSundry DebtorsPlant and Machinery16,00020,00080,000Furniture20,000Bills Receivable30,000Rent and Taxes1,000Sales20,000Accumulated depreciation -Accumulated depreciation -2,000FurniturePlant and MachineryAdjustments:a. Closing stock OMR 50,000.b. Provide for outstanding liabilities.Rent and taxes OMR.2,000. ,Wages OMR 3,000. Salaries . OMR 4,000.C.Depreciation on Plant and Machinery @5% and furniture @ 10%.d. Provide 4% interest on Bank loan

Trail balance: Trail balance is the list of general ledger balance accounts in the ledgers of the…

Closing stock OMR 50,000. Provide for outstanding liabilities. ent and taxes OMR.2,000. ,Wages OMR 3,000. Salaries . OMR 4,000. Depreciation on Plant and Machinery @5% and furniture @ 10%. Provide 4% interest on Bank loan

Closing stock OMR 50,000. Provide for outstanding liabilities. ent and taxes OMR.2,000. ,Wages OMR 3,000. Salaries . OMR 4,000. Depreciation on Plant and Machinery @5% and furniture @ 10%. Provide 4% interest on Bank loan

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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Concept explainers

Debenture Valuation

A debenture is a private and long-term debt instrument issued by financial, non-financial institutions, governments, or corporations. A debenture is classified as a type of bond, where the instrument carries a fixed rate of interest, commonly known as the ‘coupon rate.’ Debentures are documented in an indenture, clearly specifying the type of debenture, the rate and method of interest computation, and maturity date.

Note Valuation

It is the process to determine the value or worth of an asset, liability, debt of the company. It can be determined by many processes or techniques. Many factors can impact the valuation of an asset, liability, or the company, like:

Question

5. Prepare Extended Trial balance using spread sheet.
Account Title
OMR
Account Title
OMR
2,000 Purchases
40,000 Wages
60,000 Salaries
50,000 Capital
20,000 Bank loan @ 4%
15,000 Bills payable
10,000 Interest
200,000 Sundry Creditors
Cash in Hand
120,000
Opening stock
Sundry Debtors
Plant and Machinery
16,000
20,000
80,000
Furniture
20,000
Bills Receivable
30,000
Rent and Taxes
1,000
Sales
20,000
Accumulated depreciation -
Accumulated depreciation -
2,000
Furniture
Plant and Machinery
Adjustments:
a. Closing stock OMR 50,000.
b. Provide for outstanding liabilities.
Rent and taxes OMR.2,000. ,Wages OMR 3,000. Salaries . OMR 4,000.
C.
Depreciation on Plant and Machinery @5% and furniture @ 10%.
d. Provide 4% interest on Bank loan

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