Instructions 1. This is a group project. Each group may consist of a maximum of 5 students. 2. Each group needs to appoint a group leader to communicate details about the group project and tag details of group members to the course tutor 3. The deadline for submitting the report is on 31 October 2021; the viva voice will be scheduled on 1" and 2 November 2021. 4. Check the Assessment Booklet for the report format and the rubrics used to evaluate the report and the presentation 5. The distribution of marks is as follows a Report 10 Marks b. Viva Voce Exam 5 Marks Case Study The transactions related to AMT Engineering Consultants for the year ended 31" December 2020 is provided herewith. You are required to enter these transactions in journal, prepare ledger, trial balance and the year end financial statements. 1 3 4 5 6 7 Event No. Transaction AMT Engineering acquired OMR 100.000 by issue of Common Stock 2 The owner took OMR 50,000 as loan from Bank Muscat. Opened an account in Bank Muscat (Current Account). An amount of OMR50,000 deposited into the account. Rented an office. An advance of OMR12,000 is paid by issue of a bank cheque Purchased office furniture OMR5,000 on credit from Fahmy Furnitures. Bought office supplies paying OMR5,000. Bought a car from Saud Bahwan for OMR10,000. The amount is paid by the issue of a bank cheque Paid the amount due to Fahmy Furniture in cash Collected OMR 40,000 as advance to provide future services over a one year period starting from July 1, 2020 10 Received consulting revenue from a customer OMR40,000 Paid OMR30.000 as salaries to the staff. Paid utilities charges OMR400 Traveling expenses paid OMR 100 Received OMR25,000 as consulting revenue from MMA Projects 8 9 11 12 13 14 15 16 17 18 Paid OMR500 towards insurance premium. The premium is paid for one year, starting from 1st July 2020. Office upplies purchased on account OMR2,000 Bought computers for office OMR1,500 Provided consulting service on account OMR 10,000 Interest on loan paid OMR750 Purchased land paying OMR 100.000 Dividend paid OMR10,000 Received OMR5,000 from account receivable. 19 20 21 22 Adjustment 1. Salary paid only for 10 months. 2. A physical examination of supplies revealed that supplies worth OMR2,000 are currently available for future use. 3. Insurance premium is paid from 1 July 2020 4. Interest due on loan OMR2,000 5. As of December 31, 2020, AMT Engineering had earned OMR20,000 of the OMR40,000 received in Event 9. 6. The advance rent is paid for one year starting from 1" July, 2020