Q1: Short Answers [02 Marks each=Marks 10] i. If the worth of total assets of Axyme Corporation is Rs.550, 000 and loans taken by the firm are Rs.200, 000, what is the amount of owner's equity? ii. Zee Risk Management purchases a machine for Rs600, 000. It has an estimated salvage value of Rs.10, 000 and a useful life of five years. Calculate the annual depreciation of the machine using the straight- line depreciation method. iii. FIFO Highlight the main shortcomings of LIFO and iv. Mr. Ali Hussain started the business with Rs. 500,000 on January 1, 2020. Goods sold to Jamal's Corporation were amounting to Rs. 10,000, Value of goods worth Rs. 3,000 was returned. He personally contributes to an orphanage house Rs. 20,000 as a donation. Explain how this transaction would affect the accounting equation of the business. V. Mari Petroleum issued 200,000 common shares and 15,000 preferred shares at Rs.8 and Rs.8.25 per share respectively. I wanted to invest somewhere to have my second source of income. My friend helped me in getting 10,000 common and 5000 preferred shares of Mari Petroleum. I have no information about Accounting. Help me out in making my Equity statement as per my investment in Mari Petroleum.