Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

.same this I want the answer in the table 1:- Ahamed Company started the business with a capital of OMR 75,000. Cash = Liabilities +

image text in transcribed

image text in transcribed

image text in transcribed

.same this

I want the answer in the 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. 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. 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. Transaction 9 -goods sold for cash for OMR 10000.. Transaction 10- rent paid OMR 1000. Solution ASSETS = LIABILITIES + EQUITY Transactions Cash Computer Supplies Accounts Receivable Accounts Payable Capital Revenue Expense Drawing 1 + 2 Balance 3 Balance 4 Balance 5

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

Step: 3

blur-text-image

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

Sound Investing, Chapter 23 - Internal Control

Authors: Kate Mooney

1st Edition

0071719458, 9780071719452

More Books

Students also viewed these Accounting questions