You are asked to prepare the Balance Sheet after each of the transactions to prove the Basic Accounting Equation.

ASSETS = LIABILITIES + CAPITAL

1. Mr. Abdulla started business with cash OMRon 1^st January 2019.
2. Purchased furniture on credit from Greens Furniture OMR 1000
3. Took a bank loan of OMR 12,000 from Bank Muscat
4. Owner withdrew cash for his personal use OMR
5. Purchased goods on credit from Oman Traders OMR 5,100
6. Purchased Machinery on credit from Salim OMR 20,000
7. Paid Greens Furniture OMR 150
8. Sold goods on Credit OMR 1900 (costing OMR 1500) to Mr. Asim
9. Received the money due for goods sold on credit.
10. Paid to Oman Traders OMR 2000.

NOTE. 1. The amount for transaction 1 shall be any Amount you wish above OMR 50000.

2. The amount for transaction 2 shall be any Amount you wish between OMR 5000 and 10000

3. Please see that the amount you select shall not be the same as that of your friends.

4. Submit the assignment on or before 5^th November 2020 through E- Learning.

5. Late submissions are not encouraged as it may cause the reduction of marks.

6. Maximum marks for this activity shall be 5.