Question
Let us assume that Mr. Amir starts a business called Amir Enterprises on 1st January, 2021 and invests cash of RO. 20,000 as his capital.
Let us assume that Mr. Amir starts a business called Amir Enterprises on 1st January, 2021 and invests cash of RO. 20,000 as his capital.
Amir Enterprises purchases machinery worth RO. 1,000 paid 35% in cash and remaining on credit.
The company purchased goods worth RO. 5,000. Paid RO. 2,000 cash and balance on credit
The company made a sale of RO. 2800 (cost being RO 3000) on credit basis
The company took loan of RO. 10,000 from Bank Muscat .
Mr. Amir withdrew RO. 1,000 from the business for his personal use
****You need to record the above transactions in an equation form.
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Passive Activity Loss IRS Audit Technique Guide
Authors: Internal Revenue Service
1st Edition
1304114325, 978-1304114327
