Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mr. Nasser decided to start a courier service Business in Ibri that named as Prompt delivery service. On 15 January 2020, he invested OR. 45,000

image text in transcribed
Mr. Nasser decided to start a courier service Business in Ibri that named as Prompt delivery service. On 15 January 2020, he invested OR. 45,000 cash in the business. 3rd January. The business purchased furniture worth OR. 2,000 and paid cash. 10th January. The business purchased office supplies worth RO.2,000 from sohar Traders LLC and paid cash OR.500, and agreed to pay balance after one month. 15th January. The business performed a service to a customer and receives OR. 900 cash. 25th January. The business paid salaries to employees totalled OR.600 30th January. Mr. Nasser withdraw cash of OMR 200 from the business for his personal use. You are required to show the effect of above transactions on accounting equation and prove the accounting equation the end. (Marks 3) filas 10

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_2

Step: 3

blur-text-image_3

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

Advanced Financial Accounting

Authors: Richard Lewis, David Pendrill

6th Edition

0273638335, 978-0273638339

More Books

Students also viewed these Accounting questions