Q3: Following is the trial balance of Dhofar Company for the year ended 31st December 2020: AccountDebitCreditOwners Equity 48000Accounts Receivable17000 Accounts Payable 20000Notes Payable 4000Notes Receivable22000 Bank380004000Salary expenses24000 Rent90003000Insurance expenses6000 Other Income 14000Machinery52000 Buildings63000 Loan 38000Sales 194000Purchases44000 Sales Return5000 Purchase Return 24000Opening Stock69000 Total349000349000Other information is given:Closing stock is 12000 OMR.Depreciation charges for Building is 10% and Machinery is 20%Required:Income statement as on 31.12.2020 Balance sheet as on 31.12.2020

The balance sheet and income statement are the important financial statements of the business. The…

Answered: Following is the trial balance of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Q3: Following is the trial balance of Dhofar Company for the year ended 31st December 2020:

Account	Debit	Credit
Owners Equity		48000
Accounts Receivable	17000
Accounts Payable		20000
Notes Payable		4000
Notes Receivable	22000
Bank	38000	4000
Salary expenses	24000
Rent	9000	3000
Insurance expenses	6000
Other Income		14000
Machinery	52000
Buildings	63000
Loan		38000
Sales		194000
Purchases	44000
Sales Return	5000
Purchase Return		24000
Opening Stock	69000
Total	349000	349000

Other information is given:

Closing stock is 12000 OMR.
Depreciation charges for Building is 10% and Machinery is 20%
Required:

Income statement as on 31.12.2020

Balance sheet as on 31.12.2020

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