From the following particulars of AMN Bank as on 31st December 2020, prepareIncome statement and the Balance sheetParticularsDebitCreditInterest on depositsInterest on loans50,00075,000125,000200,000Share CapitalDepositsLoansOther assets150,00050,00020,00010,000SalariesRent & RepairsLoans against assetsAudit fees50,0005,0005,000RepairsSalaries to DirectorFurniture & FixturesTotal10,00050,000400,000400,000Adjustments:• Provide for depreciation on furniture 20% and on other assets 10%Provide for a loss of credit 20% of loansan outstanding amount of salary of OMR 2000 yet to be paidSalaries to director amounting to OMR 4000 paid in advance.

Working Note Working Note - 1 Salaries 20000 Salary Payable 2000 Salary Expenses 22000…

From the following particulars of AMN Bank as on 31st December 2020, prepare Income statement and the Balance sheet Particulars Debit Credit Interest on deposits Interest on loans Share Capital Deposits Loans Other assets 50,000 75,000 125,000 200,000 150,000 50,000 Salaries 20,000 10,000 50,000 5,000 5,000 10,000 50,000 Rent & Repairs Loans against assets Audit fees Repairs Salaries to Director Furniture & Fixtures Total 400,000 400,000 Adjustments: Provide for depreciation on furniture 20% and on other assets 10% • Provide for a loss of credit 20% of loans • an outstanding amount of salary of OMR 2000 yet to be paid • Salaries to director amounting to OMR 4000 paid in advance.

From the following particulars of AMN Bank as on 31st December 2020, prepare Income statement and the Balance sheet Particulars Debit Credit Interest on deposits Interest on loans Share Capital Deposits Loans Other assets 50,000 75,000 125,000 200,000 150,000 50,000 Salaries 20,000 10,000 50,000 5,000 5,000 10,000 50,000 Rent & Repairs Loans against assets Audit fees Repairs Salaries to Director Furniture & Fixtures Total 400,000 400,000 Adjustments: Provide for depreciation on furniture 20% and on other assets 10% • Provide for a loss of credit 20% of loans • an outstanding amount of salary of OMR 2000 yet to be paid • Salaries to director amounting to OMR 4000 paid in advance.

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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