C - Long answer question (ONE compulsory question) Marks) (Total 30 ABC Trading LLC is a local merchandiser in Oman. From the given Trail balance for the year ending 31.12.2019, prepare Income statement and Financial position (Balance Sheet) for the business. OMR OMR Sales /turnover 100,000 Purchases 42,500 Inventory at 1 Jan 2019 4,000 Cash at Bank 6,000 Trade Receivables 37,500 Trade Payables 25,000 Buildings 20,000 Plant and equipment 50,000 FINANCIAL ACCOUTING 1 - FALL 2020-2021-FINAL EXAMPage 7 Rent and rates Sales discount 7,500 2,500 Selling expenses 2,000 Wages and salaries 16,000 Bad Debt on Trade receivable 625 Bank interest 1,000 Carriage inwards 1,500 Retained earnings as at 1 Jan 2019 13,000 Share Capital at 1 Jan 2019 50,000 10% Bank loan 10,000 Increase in bad debt provision on Trade receivable 1,875 Carriage outwards 1,000 198,000 198,000 The following information is also available: - a) Closing Inventory at the 31 December 2019 was valued at OMR 5,000. b) Depreciation on building for the year 2.5% and Plant and Machinery 25% is not accounted for. c) Wages and salaries paid in advance for 6 months amounts to OMR 5,000. d) Rent received OMR 9,000 e) Rent and rates of OMR 10,000 were still outstanding at the year end. Required: Prepare for ABC Trading LLC for the year ended 31.12.2019. 1. An Income Statement (16 Marks) 2. Financial position (Balance Sheet) (14 Marks)