Question
From the following statement of changes in Equity, you are required to find the answers of the following questions. STATEMENT OF CHANGES IN EQUITY Particulars
From the following statement of changes in Equity, you are required to find the answers of the following questions.
STATEMENT OF CHANGES IN EQUITY
| Particulars | Amount |
| Opening capital | . |
| Net profit | 100000 |
|
| 340000 |
| Drawings |
|
| Owners equity or capital to be transferred to Balance Sheet |
310000 |
Q1. What is the amount of opening capital? OMR 240000OMR 340000OMR 24000OMR 120000
Q2, what is the amount of drawings during the year? OMR 13000OMR 3000OMR 30000OMR 300000
The appropriate journal entry to record Accrued Expenses.
Q1. Which account will be debited? Prepaid expensesEquityCashExpenses
Q2. Which account will be credited? Expense PayableCashEquityPrepaid expense
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Survey of Accounting
Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi
3rd Edition
978-1259683794, 77490835, 1259683796, 9780077490836, 978-0078110856
