Hashim Trading LLC

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Task 1 (12 Marks)

Hashim Trading LLC is a local merchandiser in Oman. From the given Trail balance for the year ending 31.12.2019, prepare final accounts for the business.
OMR OMR
Sales /turnover 200,000
Purchases 85,000
Buildings 40,000
Inventory at 1st Jan 2019 8,000
Cash at Bank 12,000
Trade Receivables 75,000
Trade Payables 50,000
Plant and equipment 100,000
Rent and rates 15,000
Sales discount 5,000
Selling expenses 4,000
Wages and salaries 32,000
Bad Debt on Trade receivable 5,000
Bank interest 2,000
Carriage inwards 3,000
Retained earnings as at 1 Jan 2019 26,000
Share Capital at 1 Jan 2019 100,000
10% Bank loan 20,000
Sales return 8,000
Carriage outwards 2,000
396,000 396,000
The following information is also available:-
a) Closing Inventory at the 31 December 2019 was valued at OMR 10,000.
b) Wages and salaries paid in advance for 3months amounts to OMR 10,000 .
c) Rent and rates of OMR 20,000 were still outstanding at the year end.
d) Depreciation on building for the year OMR 1,000 and Plant and Machinery OMR 25,000 is not accounted for.

Required : (12 Marks)
Prepare an Income Statement and Statement of Financial Position for Harshim Trading LLC for the year ending on 31 December 2019 with all relevant workings.

Task 2 (12 Marks)

Selected Transactions from Al-Mukhaini Transport Services began on June 1, 2019 by Iman:

a. Iman invested OMR. 600,000 in the business.
b. Trucks were Purchased by business for OMR. 430,000.
c. Equipment purchased on credit for OMR. 9,000.
d. A bill of OMR.7,200 for transporting goods was sent to Mr. Ashraf Abbasi, a customer.
e. Cash of OMR 6,000 is received from the customer who was billed in d.
f. Received OMR 22,300 is cash for transporting goods.
g. A payment of OMR 5,000 was made on the equipment purchased in c.
h. Paid expenses of different types for OMR 1,700 in cash.
i. Equipment of OMR 1,200 was withdrawn from business for Iman’s personal use.

Required:
1. Arrange the Assets, Liabilities and Owner’s Equity accounts in an Accounting Equation, using the following account titles: Cash, Trucks, Equipment, Account Receivables, Account Payable and Owner’s Equity (9 marks)
2. Prepare the following T Accounts (3 marks)
a. Cash account
b. Accounts Receivable
c. Accounts Payable

Task 3 (16 Marks)

The importance of accounting concepts and conventions can be seen in preparing the financial statements in assessing the financial viability of the company, where accountants prepares the financial statement and provides the appropriate financial report for the management of any company.
However, accounting concepts and conventions are rarely disclosed in the financial statements because they are generally recognized as being the activity of the periodic preparation and presentation of the financial statements; but if the basic concepts and conventions are not followed when preparing and presenting the financial statement, difficulties will be faced during the analysis, interpretation, and reporting of financial statements. Therefore, it is necessary to understand that the earnest interpretation and analysis of financial statements must be taken into account constantly these concepts, assumptions, principles and conventions used in the preparation.

Required: (4 marks X 4 = 16 marks)
1. To define if the accounting concepts and conventions function as a guidance in preparing financial statement.

2. To ascertain if accounting concepts and conventions assist in proving useful information for economic decision-making.

3. To ascertain if accounting concepts and convention assists in recognizing in how accounting transactions are looked into.

4. To define if accounting concepts and conventions leads in producing more meaningful and reliable financial reports.

Task 4 (10 Marks)
Accounting performs an essential part in operation of business administration because it assists you in tracking income and expenses, ensure legal compliance, and supply shareholders, managers, and government authorities with the quantifiable financial information, which then are used for business decision making purpose.
There are three main components that are generated by the records, of which the financial statement is made-up:
• The income statement, which delivers information about the profit and loss of company
• The balance sheet, which provides a clear picture on the financial position of company as on a specific date.
• The cash flow statement, which is a bridge between the income statement and balance sheet and provides information about the cash inflow and outflow during a certain phase of time.

It is extremely important to keep your financial records solid and up-to-date if you wish to retain your company’s financial position robust.
You are required to: (10 marks)
Explain the reasons why Accounting is important for your business, regardless if it is small or large.

amazing remainder. He may have additionally been presented to the supposedly far reaching gay practices at the school. Regardless of whether these were developmental encounters or practices toward which the author would have floated typically, biographers concur that he may have found his sexual direction right now.

On June 10, 1859, at 19 years old, Tchaikovsky moved on from the School of Jurisprudence, at that point, labored for a long time at the Justice Department of Russian Empire. On June 15, he was selected to the Ministry of Justice. A half year later he got junior associate and two months from that point forward, a senior collaborator, where he stayed for the remainder of his three-year common assistance vocation.

Early grown-up Life and Music Study

Tchaikovsky chose not to surrender his Ministry post until he was very sure that he was bound to be a performer as opposed to a government employee.

In 1861, Tchaikovsky went to classes in music hypothesis composed by the Russian Musical Society (RMS) and educated by Nikolai Zaremba. After a year he followed Zaremba to the new Saint Petersburg Conservatory.

In 1863, Tchaikovsky surrendered his common assistance profession and started contemplating music full-time at the St. Petersburg ´s Conservatory, He considered amicability with Zaremba, while Anton Rubinstein, chief and originator of the Conservatory, showed him instrumentation and sythesis. He moved on from the Conservatory in December 1865.

Around then he met Franz Liszt, a nineteenth century Hungarian author and Hector Berlioz, a French Romantic writer who visited Russia with show visits. During that period Tchaikovsky composed his first expressive dance \’The Swan Lake\’, drama \’Eugene Onegin\’, four Symphonies, and the splendid Piano Concerto No1.

Nikolay Zaremba

52.

In 1866, Tchaikovsky accepting work as an agreement instructor for the Moscow Conservatory with Rubenstein\’s proposal. He was teacher of hypothesis and agreement at the Moscow Conservatory until 1878. Little of his music so far had satisfied the preservationist melodic foundation or the more patriot gathering, yet his First Symphony had a decent open gathering.

Tchaikovsky’s melodic ability intrigued Rubinstein. He and Zaremba later conflicted with the youthful writer over his First Symphony, composed after his graduation, when he submitted it to them for their examination. The ensemble was given its initially complete presentation in Moscow in February 1868, where it was generally welcomed.

Tchaikovsky’s formal, Western-situated preparing set him apart from the contemporary nationalistic development typified by the persuasive gathering of youthful Russian writers known as The Five, with whom Tchaikovsky\’s expert relationship was blended.

Grown-up Life

In 1868, he had a concise tease with soprano Désirée Artôt , a Belgian soprano who was celebrated in German and Italian drama and sang chiefly in Germany.

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