Assignment 1 FM - BAFI 2109 - Sec.1 - Semester 3, 2020-21 The following is the Trial Balance of Al Ahmed Enterprises CE Al Ahmed Enterprises Trial Balance December 31" 2020 Dr. Title of the accounts Omani Rial (Omani Rial Sales 1,362,000 Carriage outward 6,000 Land and buildings at cost 840,000 Building repairs 6.000 Purchases 480,000 Stock as on 1 January 2020 69,000 Carriage on purchases 6,600 Furniture and fixtures at cost 126.000 Repairs and maintenance of furniture 12.00 Equipment's at cost 90.000 Purchase returns 9,600 Salaries 66.000 Insurance premium 18,000 Bad debts 6.0001 Creditors 88.800 Cash at bank 60.000 Rent 36,000 Debtors 108,000 Capital 541.2001 Drawings 57,600 Electricity expenses 14.400 Total 2.085.600 2,085,600 Closing Stock. (ANY AMOUNT ABOVE OMR 70,000) You are required to prepare a) Income statement for the year ending 31 December 2020. (1 Mark) b) Statement of Changing in equity for the year ending 31 December 2020. (1 Mark) c) Balance sheet statement for the year ending 31" December 2020. (2 Marks) d) Calculate the following ratios: a. Gross profit ratio. (1 Mark) b. Net profit ratio. (1 Mark) c. Current Ratio (1 Mark) d. Quick Ratio (1 Mark) e. Cash Conversion Cycle (2 Marks)