Question

Case No. 4 Omran Company was incorporated in the year 2004 as a joint stock company...

Case No. 4

Omran Company was incorporated in the year 2004 as a joint stock company with a nominal capital of OMR 450,000 in equity shares of OMR 10 each. As of December 31, 2019,            20,000 shares were fully called up. The following balances were extracted from the ledger of the company as on December 31, 2019.

Particulars

Amount (OMR)

Opening stock

86,721

Accounts Payable

21,516

Investment in government securities

114,734

Advertising Expense

1,716

Bad Debts

7,750

Profit and loss account

55,676

Creditors

12,563

Debtors

75,407

Equity Share Capital

200,000

Cash

75,849

Discount on shares

9,189

Discount on issue of shares

3,118

Interim Dividend

1,367

Furniture

10,442

Insurance Expense

12,318

Interest Income

32,854

Notes Payable

1,664

Notes Receivable

10,638

Office Supplies

8,527

Outstanding Expense

37,505

Prepaid Insurance

12,519

Prepaid Rent

15,277

Property and Equipment

38,523

Rent Expense

18,845

Purchases

2,326

Salaries and Wages

126,809

Sales

152,635

Additional information:

  • Stock as on December 31, 2019 is OMR 29,000.
  • Depreciation on property and furniture at 5%.
  • Interest accrued on government securities OMR 750.
  • Write off one third discount on shares.
  • Provision for bad and doubtful debts OMR 800.

Question No. 4

  1. You are required to prepare Trading and Profit and Loss Account of Omran Company for the year ended December 31, 2019.   

  1. Discuss the disadvantages of this type of business with regard to ‘concentration of economic power’ and ‘personal interest’. [Answer in 100-150 words]  
  1. iii:Using the same information in Case No. 4, prepare the balance sheet as of             

                December 31, 2019.  

Business   Accounting   
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