The following are the balances extracted from the ledger of the Big & Co. LLC, Salalah...

 

  
 

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The following are the balances extracted from the ledger of the Big & Co. LLC, Salalah as on December 31, 2019. Amounts in OMR 600 4,100 7,850 67,350 8,550 40,250 17,600 19,350 7,150 1,200 15,600 Account Title Interest Payable Bad debts Loan from Bank Cash and Bank Furniture Plan and Machinery Accounts Payables Accounts Receivables Advertising Printing & Stationery Reserves (D) (E) Account Title Share capital General Expenses Rent Salaries Insurance Discount Received Discount allowed Wages Purchases Sales Stock Amounts in OMR 125,000 4,475 3,600 9,250 3,360 1,585 2,100 35,000 150,000 212,500 25,000 Additional Information (A) Stock on hand on 31 December 2019 is OMR 35,000 (B) Insurance is prepaid to the extent of OMR 1,060. (C) Advertisement expenses include an amount of OMR 1,590 paid in advance for the year 2020. Charge depreciation on Furniture and Plant and Machinery at 10% and 16 % respectively. Outstanding liabilities - Rent OMR 11.200: Salary OMR2 200 and Wages OMR6,000 You are required to create a spreadsheet for Extended Trial Balance for the year ending December 31, 2019; showing separate columns for each of Trial Balance, Adjustments, Adjusted Trial Balance, Income statement and Balance Sheet columns. Number Jamary February March April May June July (E) (F) (G) .00 ➜.0 (1) N N Cell Formatting Table Styles- Styles 0 Wages 96,800 89,000 P 89,000 89,000 90,500 Y Rent Operating Expenses 30,100 93,100 30,100 33,100 67,200 30,100 83,100 79,500 35,500 23,500 63,500 93,500 120,100 Q 35,500 35,500 40,100 R S Insert Delete Format Purchases 624,000 825,000 528,000 731,000 825,000 829,000 860,000 Cells Sales 898,000 6ZZ,000 800,000 952,000 758,000 850,000 900,000 U V W Additional Information: (A) 100,000 Equity shares of OMR 1 each were issued on 1 July at 50% Premium. Due amount of Income is to be paid in the month of April OMR 2,500. (B) (C) 20% of sales are in cash terms. Remaining credit sales are collected in the following month. 10% of purchases are in cash terms. Remaining credit purchases are paid in the second month. Lag in the payment of wages - two month. 75% of the Rent is paid in the subsequent month and balance Rent is paid in the month it concern Lag in the payment of operating expenses is one month. Sort & Find & Filter Select Editing X During April the company purchased an item of old furniture costing OMR 4,000 for OMR 2,000. However, in May the company paid cash against the purchase of old furniture. Y Question No 6: (A) (B) At what quoted annual interest rate must OR200,000 be invested so that it will grow to be OR800,000 in 12 years if interest is compounded weekly? (2 Marks) You are offered an annuity that will pay OMR 1,700 per month for 10 years; the first payment will be made at the end of month. If you feel that the appropriate interest rate is 3% per month, what is the annuity worth to you today, if interest is compounded monthly? (2 Marks) Larruoss X # 4 ENG The following are the balances extracted from the ledger of the Big & Co. LLC, Salalah as on December 31, 2019. Amounts in OMR 600 4,100 7,850 67,350 8,550 40,250 17,600 19,350 7,150 1,200 15,600 Account Title Interest Payable Bad debts Loan from Bank Cash and Bank Furniture Plan and Machinery Accounts Payables Accounts Receivables Advertising Printing & Stationery Reserves (D) (E) Account Title Share capital General Expenses Rent Salaries Insurance Discount Received Discount allowed Wages Purchases Sales Stock Amounts in OMR 125,000 4,475 3,600 9,250 3,360 1,585 2,100 35,000 150,000 212,500 25,000 Additional Information (A) Stock on hand on 31 December 2019 is OMR 35,000 (B) Insurance is prepaid to the extent of OMR 1,060. (C) Advertisement expenses include an amount of OMR 1,590 paid in advance for the year 2020. Charge depreciation on Furniture and Plant and Machinery at 10% and 16 % respectively. Outstanding liabilities - Rent OMR 11.200: Salary OMR2 200 and Wages OMR6,000 You are required to create a spreadsheet for Extended Trial Balance for the year ending December 31, 2019; showing separate columns for each of Trial Balance, Adjustments, Adjusted Trial Balance, Income statement and Balance Sheet columns. Number Jamary February March April May June July (E) (F) (G) .00 ➜.0 (1) N N Cell Formatting Table Styles- Styles 0 Wages 96,800 89,000 P 89,000 89,000 90,500 Y Rent Operating Expenses 30,100 93,100 30,100 33,100 67,200 30,100 83,100 79,500 35,500 23,500 63,500 93,500 120,100 Q 35,500 35,500 40,100 R S Insert Delete Format Purchases 624,000 825,000 528,000 731,000 825,000 829,000 860,000 Cells Sales 898,000 6ZZ,000 800,000 952,000 758,000 850,000 900,000 U V W Additional Information: (A) 100,000 Equity shares of OMR 1 each were issued on 1 July at 50% Premium. Due amount of Income is to be paid in the month of April OMR 2,500. (B) (C) 20% of sales are in cash terms. Remaining credit sales are collected in the following month. 10% of purchases are in cash terms. Remaining credit purchases are paid in the second month. Lag in the payment of wages - two month. 75% of the Rent is paid in the subsequent month and balance Rent is paid in the month it concern Lag in the payment of operating expenses is one month. Sort & Find & Filter Select Editing X During April the company purchased an item of old furniture costing OMR 4,000 for OMR 2,000. However, in May the company paid cash against the purchase of old furniture. Y Question No 6: (A) (B) At what quoted annual interest rate must OR200,000 be invested so that it will grow to be OR800,000 in 12 years if interest is compounded weekly? (2 Marks) You are offered an annuity that will pay OMR 1,700 per month for 10 years; the first payment will be made at the end of month. If you feel that the appropriate interest rate is 3% per month, what is the annuity worth to you today, if interest is compounded monthly? (2 Marks) Larruoss X # 4 ENG

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