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Total interest expended will be: a. OMR 50,400,000 b. OMR 45,000,000 c. OMR 55,000,000 d. OMR 45,400,000 Total of non-interest expenses during the year was: a. OMR 9,660,000 b. OMR 8,680,000 c. OMR 16,860,000 d. OMR 16,680,000

Total interest expended will be: a. OMR 50,400,000 b. OMR 45,000,000 c. OMR 55,000,000 d. OMR 45,400,000 Total of non-interest expenses during the year was: a. OMR 9,660,000 b. OMR 8,680,000 c. OMR 16,860,000 d. OMR 16,680,000

FINANCIAL ACCOUNTING
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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Question
Total interest expended will be:
a.
OMR 50,400,000
b.
OMR 45,000,000
c.
OMR 55,000,000
d.
OMR 45,400,000
Total of non-interest expenses during the year was:
a.
OMR 9,660,000
b.
OMR 8,680,000
c.
OMR 16,860,000
d.
OMR 16,680,000
Following are the balances of Bank Muscat for the year ended as on 31st December 2020 (Amounts are in 000' OMR) PARTICULARS OMR Interest on Savings Account 6,000 Interest on Fixed Deposits 33,000 Interest on Loans 19,200 Rent and Rates 1,500 Interest on Current Account Interest on Cash Credits 4,500 16,800 Discounts received 21,000 Commission Expenses 600 Commission Received Director's Fees Salaries and Allowances Interest on Overdrafts 2,400 150 6,000 18,000 Interest on borrowings from other banks 1,500 Legal Charges 90 Transfer Fees paid 1,200 Locker Rent 1,800 lother office expenses 120 Depreciation on Fixed Assets 6,000 Miscellaneous Expenses 1,200 Other Adjustments: i. Fair value of sale of investments were increased by: OMR 3,600 ii. Loss on exchange difference arising on transactions of foreign operations was: OMR 600 iii. Income tax expenses: OMR 9,000 iv. Impairment for loans: OMR 300 v. Impairment for investments: OMR 2,700 vi. Rebate on bills discounted: OMR 1,800
Transcribed Image Text:Following are the balances of Bank Muscat for the year ended as on 31st December 2020 (Amounts are in 000' OMR) PARTICULARS OMR Interest on Savings Account 6,000 Interest on Fixed Deposits 33,000 Interest on Loans 19,200 Rent and Rates 1,500 Interest on Current Account Interest on Cash Credits 4,500 16,800 Discounts received 21,000 Commission Expenses 600 Commission Received Director's Fees Salaries and Allowances Interest on Overdrafts 2,400 150 6,000 18,000 Interest on borrowings from other banks 1,500 Legal Charges 90 Transfer Fees paid 1,200 Locker Rent 1,800 lother office expenses 120 Depreciation on Fixed Assets 6,000 Miscellaneous Expenses 1,200 Other Adjustments: i. Fair value of sale of investments were increased by: OMR 3,600 ii. Loss on exchange difference arising on transactions of foreign operations was: OMR 600 iii. Income tax expenses: OMR 9,000 iv. Impairment for loans: OMR 300 v. Impairment for investments: OMR 2,700 vi. Rebate on bills discounted: OMR 1,800
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