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Exercise 3: Following is the

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Exercise 3:

Following is the trial balance of  M/s. Taqa  Trading Company  LLC   for the year ended 31st December 2015:                                                     

Name of the Account

Dr(OMR)

Cr (OMR)

Opening Stock

37000

 

Equipment

70000

 

Sales

 

230000

Accounts Receivable

18000

 

Accounts Payable

 

22000

Notes Payable

 

17000

Notes Receivable

19000

 

Salary Expense

26000

 

Rent    Expense

17500

 

Insurance  Expense

8400

 

Dividend  Income

 

8700

Purchases

142000

 

Buildings

120000

 

Loan

 

27000

Capital

 

170000

Sales Return

13600

 

Purchase Return

 

12200

Bank

15400

 

                 Total

486900

486900

 Other information:

  • Closing stock is 18000 OMR.
  • Depreciation charge on Equipment and  Buildings  is 15%
  • Tax payable OMR 1080

 

Required:  (i) Prepare the Income statement

                   

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