CPP-Final Accounts (10 Marks) Question: 1_The opening balance sheet and income statement for the year 2016 of Chand LLC., are as follows: LIABILITES Share Capital 10% Debentures Cument Liabilities OMR 700,000 200.000 200.000 ASSETS Plant & Machinery(new) Furniture Inventory Debtors Cash OMR 0600,000 080,000 120,000 100,000 200,000 1,100,000 1,100,000 OMR 2.000.000 Income statement for the year ended 31" December 2016 Particulars OMR Osales tesse cost of goods sold: Opening Inventory (FFO) 120.000 Purchases 1.420,000 1.540,000 Closing Inventory 140.000 Gross Profit Less: Operating expenses 308.000 Interest on debentures 20,000 Depreciation on Machinery 90,000 Depreciation on furniture 8,000 Net Profit 1.400,000 600,000 . 426,000 174,000 Debtors and current liabilities remained unchanged throughout the year. Interest on debentures was paid on 31.12.2016. The general price index during the year was as follows: On 1.1.2016 300 On 3.12.216 360 Average for the year 320 You are required to prepare the final accounts for the year 1996, after adjusting for the price level changes under CPP method. CPP-Final Accounts (10 Marks) Question: 1_The opening balance sheet and income statement for the year 2016 of Chand LLC., are as follows: LIABILITES Share Capital 10% Debentures Cument Liabilities OMR 700,000 200.000 200.000 ASSETS Plant & Machinery(new) Furniture Inventory Debtors Cash OMR 0600,000 080,000 120,000 100,000 200,000 1,100,000 1,100,000 OMR 2.000.000 Income statement for the year ended 31" December 2016 Particulars OMR Osales tesse cost of goods sold: Opening Inventory (FFO) 120.000 Purchases 1.420,000 1.540,000 Closing Inventory 140.000 Gross Profit Less: Operating expenses 308.000 Interest on debentures 20,000 Depreciation on Machinery 90,000 Depreciation on furniture 8,000 Net Profit 1.400,000 600,000 . 426,000 174,000 Debtors and current liabilities remained unchanged throughout the year. Interest on debentures was paid on 31.12.2016. The general price index during the year was as follows: On 1.1.2016 300 On 3.12.216 360 Average for the year 320 You are required to prepare the final accounts for the year 1996, after adjusting for the price level changes under CPP method