RIM is a commercial bank that has a lot of functions with several services. At the end of the year, the bank needs to prepare its financial statements. As a student in Banking and Insurance Accounting course, you are familiar with this information according to this solve the below questions:

RIM Bank had provided you with the information of the Assets and liabilities during the year: Particulars Amounts OMR Cash and balances with other banks 20,000 Building 50,000 General reserves 10,000 Investments 15,000 Other liabilities 4,500 Saving deposits 12,000 Bank Overdrafts 40,000 Term loans 5,000 Current deposits 6,000 At the end of the year some adjustments are, Prepaid Rent is 1,000 OMR, Outstanding Salaries is 4,000 OMR, and Non-Banking Asset 3,000 OMR. Total of assets after making the adjustments would be: 

a. 134,000 OMR 

b. 138,000 OMR 

c. 146,000 OMR 

d. 152,000 OMR

If interest on loans is OMR 2950, Rebate on bills discounted OMR 45, Discount on bills purchased OMR 1550 other income is OMR 300. Depreciation on assets was OMR 400, Salaries is OMR 900, Rent and taxes 350. The Net Income for the bank will be; 

a. None of the given options 

b. 4,455 OMR 

c. 4,755 OMR 

d. 3,105 OMR

RIM Bank had provided you with the information of the Assets and liabilities during the year: Particulars Amounts OMR Capital 200,000 Building 50,000 General reserves 10,000 Borrowings from Other Banks 155,000 Other liabilities 4,500 Saving deposits 12,000 Bank Overdrafts 40,000 Term loans 5,000 Bill payables 6,000 At the end of the year some adjustments are, Prepaid Rent is 1,000 OMR, Outstanding Salaries is 7,000 OMR, and Non-Banking Asset 3,000 OMR. Total of assets after making the adjustments would be: a. 59,000 OMR b. 53,500 OMR c. 75,500 OMR d. 99,000 OMR

Provision for Contingencies will be shown under which heading in the bank accounts: 

a. Provisions and Contingencies 

b. Advances 

c. Other Income 

d. Other Assets.

All the following items listed below will appear in balance sheet of a bank under Assets except: 

a. Prepaid expenses 

b. Premises 

c. Equipment 

d. Expenses

Answer rating: 100% (QA)

Particulars Amounts OMR Cash and Balances with other banks 20000 Building 50000 In... View the full answer