Exercise No. (7): From the following ledger balances of Nizwa Bank as on 31st Dec.2016, prepare income statement and Balance Sheet OMR OMR ('000) | 3,250 | Share Capital 17,750 Statutory Reserves 38,750 Profit (previous year) ('000) Fixed Deposit Savings Deposit | 2,500 1,500 Current Accounts 100 Money at call and short notice 2,400 | Bills Payable 15,500 Sundry Creditors 4,000 Investments 250 Interest accrued 1,000 | General reserve 700 General Expenses 50 Borrowed from other banks 4,800 Dividend 250 Non-Banking assets 1,200 Cash in hand 750 Interest and Discount 3,250 6,500 | Unclaimed Dividends 7,050 | Loans, Overdrafts 5,200 Payment to Employees Premises 50 Cash at Central Bank 35,000 Cash at Other Banks 400 Bills Discounted and Deposits from other banks 1,000 Purchased 2,500 Rent, taxes 100 Additional Information: a. Rebate on bills discounted to OMR 25 b. Allow 5% depreciation on Premises on cost. c. Provide OMR 250 for provision for doubtful debts

Exercise No. (7): From the following ledger balances of Nizwa Bank as on 31st Dec.2016, prepare income statement and Balance Sheet OMR OMR ('000) | 3,250 | Share Capital 17,750 Statutory Reserves 38,750 Profit (previous year) ('000) Fixed Deposit Savings Deposit | 2,500 1,500 Current Accounts 100 Money at call and short notice 2,400 | Bills Payable 15,500 Sundry Creditors 4,000 Investments 250 Interest accrued 1,000 | General reserve 700 General Expenses 50 Borrowed from other banks 4,800 Dividend 250 Non-Banking assets 1,200 Cash in hand 750 Interest and Discount 3,250 6,500 | Unclaimed Dividends 7,050 | Loans, Overdrafts 5,200 Payment to Employees Premises 50 Cash at Central Bank 35,000 Cash at Other Banks 400 Bills Discounted and Deposits from other banks 1,000 Purchased 2,500 Rent, taxes 100 Additional Information: a. Rebate on bills discounted to OMR 25 b. Allow 5% depreciation on Premises on cost. c. Provide OMR 250 for provision for doubtful debts

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: > Write your answer on a separate sheet of paper. CaF Store Statement of Comprehensive Income For…

A: Profitability ratio shows the ability of the company to generate income relative to its revenue,…

Q: Gibson Energy Ltd.'s general ledger account for Cash in Bank showed the following at December 31,…

A: Bank reconciliation statement refers to a reconciliation between the entries entered in the cash…

Q: Calculate: Net noninterest margin Net operating margin Earnings spread

A: Net Non Interest Margin = Net Non interest income/Total Assets Net operating margin = Net Operating…

Q: vanhoe Company sells its product for $10400 per unit. Variable costs per unit are: manufacturing,…

A: Income = Sale - Variable Manufacturing - Variable Selling and admin - Fixed Manufacturing - Fixed…

Q: Please help me

A: It has been given in the question that only the cash receipts journal is required to be made. This…

Q: The financial statements for First National Bank (FNB) are shown below: Balance Sheet First National…

A: The return on assets (ROA) of financial institutions is a calculation of benefits earned from their…

Q: Kindly verify the basic accounting equation balances. the assets, liabilities and Stockholder's…

A: The accounting equation is given by:-

Q: As loan analyst for Utrillo Bank, you have been presented the following information.…

A: With accounting ratios it is easier to make future investment decisions, moreover the banks and…

Q: calculate total equity

A: Total EQuity =Common Equity + Reserves + Preference Equity + Non Controllin Interest…

Q: Evaluating Bank performance -Problem One - The capitalization ratio is: Below is the financial data…

A: Capitalization ratio is a ratio that evaluates the proportion of the operations of the company is…

Q: [The following information applies to the questions displayed below.] The December bank statement…

A: Working Note; Outstanding checks = 50+5700 = 5750

Q: 4. Prudential Bank PLC. has the following balance sheet as of December 31, 2019 (figures in thousand…

A: Liquidity Coverage Ratio(LCR) calculates the portion of total net cash outflows which is covered by…

Q: Interest expense Provision for loan losses Noninterest income Noninterest expense Taxes 2,224 1,100…

A: Dollar Value of MHM's Earning Assets, Earning assets : Investments + Federal Funds Sold + Loans (…

Q: Using the stylized balance sheet below, please 1) finish the balance sheet, and 2) use that…

A: Part 2: Explanation:Step 1: Calculate Interest Income:- Calculate interest income from assets: -…

Q: Refer the following table. Cash Tia's Trampolines Inc. Comparative Balance Sheet Information…

A: profitability ratios for Tia's Trampolines Inc. for 2023:Profit margin = (Profit / Net Sales) *…

Q: Please answer complete question otherwise skip it please answer within the format by…

A: The indirect cash flow method calculates cash flow by adjusting net income with differences from…

Q: 5. The following list of balances obtained from Agro Trading as at 31 July 2020. PARTICULARS RM |…

A: Financial reporting means releasing the financial reports of the company to its shareholders and in…

Q: The current assets and current liabilities sections of the balance sheet of Blossom Co. appear as…

A: Cash: a. Wrong posting of cash disbursement of accounts Payable : $7400*99% =$732…

Q: As loan analyst for Martinez Bank, you have been presented the following information.…

A: Ratio Analysis: By examining financial documents such as the balance sheet and income statement,…

Question

100%

Exercise No. (7): From the following ledger balances of
Nizwa Bank as on 31st Dec.2016, prepare income statement and
Balance Sheet
OMR
OMR
('000)
3,250 | Share Capital
17,750 Statutory Reserves
38,750 Profit (previous year)
('000)
Fixed Deposit
Savings Deposit
2,500
1,500
Current Accounts
100
Money at call and short notice 2,400 | Bills Payable
15,500 Sundry Creditors
1,000 | General reserve
4,000
Investments
250
Interest accrued
700
General Expenses
50
Borrowed from other banks 4,800
Dividend
250
Non-Banking assets
1,200
Cash in hand
750
Interest and Discount
3,250
6,500 | Unclaimed Dividends
7,050 | Loans, Overdrafts
5,200 Payment to Employees
Premises
50
Cash at Central Bank
35,000
Cash at Other Banks
400
Bills
Discounted
and
Deposits from other banks
1.000 | Purchased
2,500
Rent, taxes
100
Additional Information:
Rebate on bills discounted to OMR 25
а.
b. Allow 5% depreciation on Premises on cost.
c. Provide OMR 250 for provision for doubtful debts
с.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Help | System Announcements Balance Sheet As of 12/31/19 Assets: Liabilities and Equity: Cash and marketable securities $28,987 Accounts payable and accruals $154,807 Accounts receivable $142,845 Short-term notes payable $21,639 Inventory $212,722 Total current liabilities $176,446 Total current assets $384,554 Long term debt $155,510 Net plant and equipment $602,309 Total liabilities $331,956 Goodwill and cther assets $42,422 Common stock $314,932 Retained earnings $382,397 Total assets $1,029,285 Total liabilities and equity $1,029,285 In addition, it was reported that the firm had a net income of: $158,531 and net sales of: $4,338,283 Calculate the following ratios for this firm (Use 365 days for calculation. Round answers to 2 decimal places, e.g. 52.75.): Current Ratio times Quick Ratio times Average Collection Period days Total Asset Turnever times Fixed Asset Turnover times Question
SP 6 Serial Problem Business Solutions (Algo) LO P3 Santana Rey receives the March bank statement for Business Solutions on April 11, 2022. The March 31 bank statement shows an ending cash balance of $67,666. The general ledger Cash account, Number 101, shows an ending cash balance per books of $68,266 as of March 31 (prior to any reconciliation). A comparison of the bank statement with the general ledger Cash account, Number 101, reveals the following. a. The bank erroneously cleared a $600 check against the company account in March that S. Rey did not issue. The check was actually issued by Business Systems. b. On March 25, the bank statement lists a $57 charge for a safety deposit box. Santana has not yet recorded this expense. c. On March 26, the bank statement lists a $110 charge for printed checks that Business Solutions ordered from the bank. Santana has not yet recorded this expense. d. On March 31, the bank statement lists $36 interest earned on Business Solutions's checking…
Please complete the table. Answer what is asked. Thank you.
(Related to Checkpoint 4.2) (Capital structure analysis) The liabilities and owners' equity for Campbell Industries is found here: E a. What percentage of the firm's assets does the firm finance using debt (liabilities)? b. If Campbell were to purchase a new warehouse for $1.1 million and finance it entirely with long-term debt, what would be the firm's new debt ratio? a. What percentage of the firm's assets does the firm finance using debt (liabilities)? The fraction of the firm's assets that the firm finances using debt is %. (Round to one decimal place.)
Bank North's Balance Sheet Assets Liabilities Reserves $250 Deposits $1,500 Loans $1,550 Capital $300 $1,800 $1,800 Refer to table above. If Bank North receives a new deposit of $400, its actual reserve ratio immediately becomes ___. (Thank you)
Chapter : Bank Reconciliation Statement
The amount of Gross Loans is The following are real Iife data extracted from the Housing Bank financial statements. Use them to answer the questions. Additional Information: Accumulated Provislons for Loan Losses (end balance) 250; Number of Outstanding Shares 315,000,000 (315 MIllon) and share price JD9 (Balance Sheet (in Milion (Assets (JD Cash and Balances at Central Banks Balances at Banks and Financial institutions Deposits at Banks and Financial institutions Total Cash and Due trom Depository institutions Trading Investments Available for Sale Investments Held to Maturity Investments, Net Total Securitles 1,478 743 53 2,221 581 745 1,327 Investments in Affilates 2,369 Loans (or Credit Facilities), Net 93 Fixed Assets, Net 6. Doferred income Tax Assets Other Assets Total Asseta (Uabilitles (JD Customers Deposits Banks & Financial Institutions Deposits 71 6,090 4,430 284 Total Deposits Cash Margins 4,714 290
Epto Ergo’s bank statement from Crypto Bank at July 31, 2020, gives thefollowing information.Balance, July 1 $18,400 Bank debit memorandum:August deposits 71,000 Safety deposit box fee $ 25Checks cleared in July 68,678 Service charge 50Bank credit memorandum: Balance, July 31 20,692Interest earned 45A summary of the Cash account in the ledger for July shows the following:balance, July 1, $18,700; receipts $74,000; disbursements $73,570;and balance, July 31, $19,130.Analysis reveals that the only reconciling items on the June 30 bank reconciliation were adeposit in transit for $4,800 and outstanding checks of $4,500. In addition, you determine thatthere was an error involving a company check drawn in July: A check for $400 to a creditor onaccount that cleared the bank in July was journalized and posted for $40.Instructionsa) Determine deposits in transit.b) Determine outstanding checks. (Hint: You need to correct disbursements for thecheck error.)c) Prepare a bank reconciliation at July…
As loan analyst for Wildhorse Bank, you have been presented the following information. Toulouse Co. Lautrec Co. Assets Cash $119,000 $332,000 Receivables 226,000 298,000 Inventories 562,000 536,000 Total current assets 907,000 1,166,000 Other assets 483,000 636,000 Total assets $1,390,000 $1,802,000 Liabilities and Stockholders' Equity. Current liabilities $319,000 $350,000 Long-term liabilities 419.000 483,000 Capital stock and retained earnings 652,000 969,000 Total liabilities and stockholders' equity $1,390,000 $1,802,000 Annual sales $948,000 $1,453,000 Rate of gross profit on sales 30 % 40 % Each of these companies has requested a loan of $50,000 for 6 months with no collateral offered. Because your bank has reached its quota for loans of this type, only one of these requests is to be granted. Compute the various ratios for each company. (Round answer to 2 decimal places, eg. 2.25.) Toulouse Co. Lautrec Co. Current ratio :1 Acid-test ratio Accounts receivable turnover times times…
Assuming the current ratio equals 2, which of the following would cause the current ratio to increase? O Accrual for payroll. Declaration of cash dividend. O Payment for inventory purchased on account. O Inventory purchased on account.
As loan analyst for Waterway Bank, you have been presented the following information. Toulouse Co. Lautrec Co. Assets Cash $114,000 $328,000 Receivables 230,000 296,000 Inventories 582,000 493,000 Total current assets 926,000 1,117,000 Other assets 493,000 607,000 Total assets $1,419,000 $1,724,000 Liabilities and Stockholders' Equity Current liabilities $314,000 $340,000 Long-term liabilities 385,000 493,000 Capital stock and retained earnings 720,000 891,000 Total liabilities and stockholders' equity $1,419,000 $1,724,000 Annual sales $911,000 $1,440,000 Rate of gross profit on sales 30 % 40 % Each of these companies has requested a loan of $50,000 for 6 months with no collateral offered. Because your bank has reached its quota for loans of this type, only one of these requests is to be granted. Compute the various ratios for each company. (Round answer to 2 decimal places, e.g. 2.25.) Toulouse Co. Lautrec Co. Current ratio :1 :1 Acid-test ratio :1 :1 Accounts receivable turnover…
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