1. The following is the trial balance of Big bank LLC as on 31/12/2020 (7 marks)...

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1. The following is the trial balance of Big bank LLC as on 31/12/2020 (7 marks) Dr OMR Cr OMR 750,000 Particulars Share capital Loans and advances 8,020,000 Bank premises Government securities General reserve $32,500 1,530,000 450,000 Deposits 9,646,000 Interest and discounts 800,000 Interest on deposits and borrowings 200,000 Balance with other banks 100,500 Money at call and short notice General expenses 85,500 82,500 Rent, rate and taxes 6,900 Director's fees Auditor's fees 4,200 1,200 Bills discounted 90,000 Fumiture (depreciation up to 1/1/2020 80,000 Borrowings from other banks Salaries and allowances 105,000 85,500 Computer Profit& loss 1.1.2020 Miscellancous income 35,000 37,500 300 Commission 10,000 Interim dividend 30,000 915,000 11,798,800 11,798,800 Cash in hand with CBO Total Consider the following information furnished, prepare Income statement and the Balance sheet for the year ended 31/12/2020 i) Interest accrued on investment OMR 12,000 ii) Rebate on bills discounted OMR 15,000 iii) Debts amounting to OMR 65,000 were doubtful and provision is to be made for the same. iv) Depreciation to be charged at 10% on the original cost of furniture. 1. The following is the trial balance of Big bank LLC as on 31/12/2020 (7 marks) Dr OMR Cr OMR 750,000 Particulars Share capital Loans and advances 8,020,000 Bank premises Government securities General reserve $32,500 1,530,000 450,000 Deposits 9,646,000 Interest and discounts 800,000 Interest on deposits and borrowings 200,000 Balance with other banks 100,500 Money at call and short notice General expenses 85,500 82,500 Rent, rate and taxes 6,900 Director's fees Auditor's fees 4,200 1,200 Bills discounted 90,000 Fumiture (depreciation up to 1/1/2020 80,000 Borrowings from other banks Salaries and allowances 105,000 85,500 Computer Profit& loss 1.1.2020 Miscellancous income 35,000 37,500 300 Commission 10,000 Interim dividend 30,000 915,000 11,798,800 11,798,800 Cash in hand with CBO Total Consider the following information furnished, prepare Income statement and the Balance sheet for the year ended 31/12/2020 i) Interest accrued on investment OMR 12,000 ii) Rebate on bills discounted OMR 15,000 iii) Debts amounting to OMR 65,000 were doubtful and provision is to be made for the same. iv) Depreciation to be charged at 10% on the original cost of furniture.

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Solution Big Bank LLC Income Statement For the year ended December 31 2020 Particulars Amount Amo... View the full answer