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I want the answer in a table 1: - Ahamed Company started the business with a capital of OMR 75,000. Cash = Liabilities + Capital
I want the answer in a table
1: - Ahamed Company started the business with a capital of OMR 75,000. Cash = Liabilities + Capital 75,000 = 0 + 75,000 Effect- The effect of the transaction will be that the firm has received assets totaling OMR 75,000 in cash and claims against the firm are also OMR 75,000 in share capital. DED Transaction 2: Ahamed Company buys furniture for OMR 5,000 cash. Cash + Furniture. = Liabilities + Capital -5000 +5000 = 0. +0 Effect- The effect of this transaction is that cash has been reduced by OMR 5,000 but new assets were acquired for the same amount. The transaction reduces one asset and at the same time increases the other assets by the same amount. Training Procedure 3. Purchase of Ahamed Company items for OMR 20,000 cash. Cash + Goods = Liabilities + Capital -20000 + 20000 = 0 + 0 Effect- As a result of this transaction the cash balance was reduced and other assets (goods) appeared, leaving total assets unchanged. a Transaction 4 - Goods costing OMR 12,000 are sold on credit for OMR 15,000. Cash Goods - Debtors = Liabilities + Capital 0-12000 +15000 = 0 + 3000. Transaction 5, rupee paid 1000 for rent Cash=Liabilities + Capital 1000 = 0 -1000. Transaction 6 --received Commission OMR .10000. Transaction 7 -withdraw cash for private use OMR 500. Transaction -8. Paid to creators OMR 20000. Page 2 of 2 Transaction 9 -goods sold for cash for OMR 10000.. Transaction 10- rent paid OMR 1000Step by Step Solution
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