Question
The following is the Balance Sheet of a sole proprietor as of 31 st December 2019. You are required to answer the following questions from
The following is the Balance Sheet of a sole proprietor as of 31st December 2019. You are required to answer the following questions from this position statement.
BALANCE SHEET
| ASSETS |
| Amount |
| Cash | 20000 |
|
| Bills receivables | 40000 |
|
| Closing stock | 60000 |
|
|
|
| 120000 |
| Building | . |
|
| Land | 160000 |
|
| Vehicles | 80000 |
|
| Furniture | 40000 |
|
|
|
| 360000 |
| TOTAL ASSETS |
| 480000 |
|
|
|
|
| LIABILITIES |
|
|
| Bank overdraft | 40000 |
|
| Bills payables | 100000 |
|
| Wages payable | .. |
|
|
|
| 150000 |
| Long Term Loans |
| 80000 |
|
|
|
|
| Owners equity or Capital |
| . |
|
|
|
|
| TOTAL LIABILITIES AND EQUITY |
| 480000 |
Q1. What is the amount of building? OMR 40000OMR 80000OMR 20000OMR 30000
Q2. What is the amount of wages payables? OMR 30000OMR 20000OMR 40000OMR 10000
Q3. What shall be the owners equity or Capital to be entered in the Balance Sheet? OMR 500000OMR 250000OMR 25000OMR 625000
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Survey of Accounting
Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi
3rd Edition
978-1259683794, 77490835, 1259683796, 9780077490836, 978-0078110856
