Assume that Abdul Baari LLC acquiring a new truck for OMR 45000. In exchange, the company pays OMR 32000 cash and old truck. The old truck originally cost OMR 40000 and has accumulated depreciation of OMR 25,000, which implies a OMR 15,000 book value at the time of exchange. From the following given options identify the correct journal entry for profit or loss on exchange of old truck with new truck.

a. None of the given options

b. Dr New Truck A/C OMR 47000 and Cr Cash A/c 32000 Cr Old truck A/c 15000

c. Dr New Truck A/c OMR 45000 Dr Loss on exchange of truck OMR 2000 Dr Accumulated depreciation on old Truck OMR 25000 and Cr cash A/c 32000 Cr Old Truck A/C OMR 40000

d. Dr New Truck A/C OMR 45000 Dr Loss on exchange of old Truck OMR 2000 and cash A/c 32000 Cr old Truck A/c OMR 15000

Assume that Bilal company purchased an asset for OMR 10000 on 1 Jan 2014. The company charging OMR 2000 depreciation per annum by following straight-line depreciation method. The company charged total depreciation till 31December 2016 is OMR 6000 and the company decided to sell this asset for OMR 3000 on 31st Mar2017. Calculate the gain or loss on sale of asset.

a. OMR 1000 loss

b. None of the given options

c. OMR 500 profit

d. OMR 500 loss

Assume that Arkan Majan International LLC sold goods to its customer on credit for OMR 2500 and received notes receivables for the same amount. The customer directly deposited the amount of OMR2500 in company bank account that the company unaware. The company received the bank statement in which OMR 2500 is showing more as compared to companys cash book balance. Therefore while preparing the Bank Reconciliation statement, what adjustment the accountant will do? Choose the correct answer from the following given options.

a. Less OMR2500 from the cash book balance

b. Add OMR2500 to the cash book balance

c. Less OMR2500 from the bank statement balance

d. Add OMR2500 to the bank statement balance

Assume that total current assets, fixed assets, current liabilities and equity of the company are OMR OMR 9000, OMR 11000, OMR 5000, OMR 12000 respectively. From the following given options, select the long-term liabilities of the company.

a. OMR 3000

b. OMR 5000

c. OMR 20000

d. OMR 17000

Assume that Oman LLC completed its inventory count. It arrived at a total inventory value of OMR 30,000. As a new member of Oman LLC accounting department, you have been given the information listed below. Oman LLC included in the inventory goods held on consignment for Al Shams LLC costing OMR 2000.The company did not include in the count purchased goods of OMR 3000 which were in transit (terms: FOB shipping point).The company did not include in the count sold inventory with a cost of OMR 4000 which was in transit (terms: FOB shipping point). Based on the given information, find out the exact value of the inventory of Oman LLC.

a. OMR 39000

b. OMR 31000

c. OMR 34000

d. OMR 30000

Assume that the total assets, liabilities, equity of the company are OMR 60000, OMR 20000 and OMR 40000 respectively.The company received OMR10000 dividend income from foreign securities and the company spent OMR 7000 factory painting, cleaning and maintenance expenses. Identify the effect of income received and expenses done by the company on different elements of balance sheet.

a. Assets will increase by OMR 10000 and Capital will decrease by OMR 7000

b. None of the given options

c. Assets will decrease by OMR 10000 and Capital will increase by OMR 10000

d. Assets will increase by OMR 3000 and capital will increase by OMR 3000