Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Flag question Mr. John started an Electrical Shop, Prove the accounting equation by balancing the following items during August 2019 Capital OMR 28,500; Accounts Payable

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Flag question Mr. John started an Electrical Shop, Prove the accounting equation by balancing the following items during August 2019 Capital OMR 28,500; Accounts Payable OMR 3,500; Inventory OMR 20,000; Accounts Receivable OMR 1,450; Rent paid in advance OMR 550; Cash at bank OMR8,000; Cash in hand OMR 3,000. Commission Received in Advance OMR 1,000 [4 Marks) Recorded by mobizen During the first week of August 2019, if the following transaction takes place how the accounting equations changes: He bought Furniture for OMR 900. [3 Marks) One of the customer paid him OMR 1,000 by cheque (3 Marks) You are required to prove the accounting equation as on August 2019 after completing the above transactions. (Use the following tables] Recorded by mobizen maintin OMAD Iamaunt in AMD Ranital liabilitiae Assets Amount in OMR Capital + Liabilities Amount in OMR Total Total Recorded by mobizen He bought Furniture for OMR 900. Assets Amount in OMR Capital + Liabilities Amount in OMR Total Total Recorded by mobizen One of the debtors paid him OMR 1,000 by cheque Assets Amount in OMR Capital + Liabilities Amount in OMR Total Total Recorded by mobizen

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Assurance Services

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley

12th Edition

0136128270, 9780136128274

More Books

Students also viewed these Accounting questions

Question

True or false the format marks in a document never print

Answered: 1 week ago