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Following information is relevant for Questions 1 - 4 Ms. Balqis loves and enjoys travelling. After her studies she started a travel agency, Queen's Travels.
Following information is relevant for Questions 1 - 4 Ms. Balqis loves and enjoys travelling. After her studies she started a travel agency, Queen's Travels. The business started its operation on March 1, 2020. Following transactions are related to Queen's Travels during March, 2020 March 14 Arranged a corporate tour for Safari Co. and earned OMR 5,000. Collected OMR 3,000 only. March 16 Purchased supplies worth OMR 200 on credit from Paper Mart. March 17 Commission received from a vendor OMR 300 March 20 Balqis took OMR 200 for giving her brother as pocket money. March 22 Provided service to a Hajj Group and earned OMR 350, but did not receive cash. March 24 Safari Co, paid OMR 2,500 for the transaction on March 14. March 27 Paid commission OMR 100 to the service agents. March 29 Paid OMR 200 to Paper Mart for the purchase on March 16. March 30 Paid franchise fee for the month OMR 500 Question 1: Show the effect of each transaction on the accounting equation. (10 Marks)
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