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Read the following details carefully Mr. Salim has started a business as sole proprietorhip on l Jan-2020. The business buys computers from Max Genius Ltd,
Read the following details carefully Mr. Salim has started a business as sole proprietorhip on l" Jan-2020. The business buys computers from Max Genius Ltd, Dubai, UAE and sells them in Oman. The business has many customers. Among them, Mr. Ahamed who is one of the main customers. The business has the following items as on 31" Jan 2020: SI No. Items OMR 1) Car 9000 2) Premises 50000 3) Loan to Mr. Kamal 1000 4) Loan from Bank Nizwa 20000 5) Stock (inventory) 13000 6) Max Genius Ltd 25000 7) Mr. Ahamed 8000 8) Capital ? 9) Loan from Mr. Mohammed 5000 10) Office supplies 10000 11) Van 20000 12) Mortgage on premises 20000 13) Cash at bank 14000 From the above details, answer the following: a) Who is Mr. Salim? (0.5 Mark) b) What is the stock of the business? (0.5 Mark) c) Who is the creditor (Accouts payable) of the business? (0.5 Mark) d) Who is the debtor (Accounts receivable) of the business? (0.5 Mark) e) Draw Balance sheet (Statement of financial position) as at 31 Jan 2020 (2 Marks)
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