Exercise No.(7): From the following ledger balances of Nizwa Bank as on 31st Dec.2016prepare income statement and Balance SheetOMROMR('000)3,250('000)2,500Share CapitalStatutory Reserves 2Profit (previous year)Bills PayableSundry CreditorsGeneral reserveFixed DepositSavings DepositCurrent Accounts 317,7501,50038,750100Money at call and short notice3.2,4004,00015,5001,000Investments250Interest accrued700General Expenses1650Borrowed from other banks4 4,800Dividend11Non-Banking assetsInterest and Discount 32501,200Cash in hand7503,250Premises106,500Unclaimed Dividends 550Cash at Central Bank 67,050Loans, Overdrafts35,000Cash at Other Banks5,200Payment to Employees (6400BillsDiscountedandDeposits from other banks 31,000Purchased1412,500Rent, taxes16100Additional Information:a. Rebate on bills discounted to OMR 25b. Allow 5% depreciation on Premises on cost.c. Provide OMR 250 for provision for doubtful debts

Balance Sheet- The balance sheet is a financial statement that shows an organization's assets,…

Exercise No. (7) prepare income sta Fixed Deposit Savings Deposit Current Account: Money at call and Investments Interest accrued General Expense Dividend Cash in hand Premises Cash at Central E Cash at Other Ba Deposits from of Rent, taxes Additional Inform. a. Rebate on b

Exercise No. (7) prepare income sta Fixed Deposit Savings Deposit Current Account: Money at call and Investments Interest accrued General Expense Dividend Cash in hand Premises Cash at Central E Cash at Other Ba Deposits from of Rent, taxes Additional Inform. a. Rebate on b

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

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
('000)
2,500
Share Capital
Statutory Reserves 2
Profit (previous year)
Bills Payable
Sundry Creditors
General reserve
Fixed Deposit
Savings Deposit
Current Accounts 3
17,750
1,500
38,750
100
Money at call and short notice
3.
2,400
4,000
15,500
1,000
Investments
250
Interest accrued
700
General Expenses
16
50
Borrowed from other banks
4 4,800
Dividend
11
Non-Banking assets
Interest and Discount 3
250
1,200
Cash in hand
750
3,250
Premises
10
6,500
Unclaimed Dividends 5
50
Cash at Central Bank 6
7,050
Loans, Overdrafts
35,000
Cash at Other Banks
5,200
Payment to Employees (6
400
Bills
Discounted
and
Deposits from other banks 3
1,000
Purchased
141
2,500
Rent, taxes
16
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

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