ABC SAOG acquired land worth OMR 80,000 from CPD LLC and issued 70,000 equity shares of OMR1 as fully paid up. Which one of the following journal entry will be correct? a. Debit Share capital 80,000, Credit Land OMR 70,000 Credit Share Premium OMR 10,000 b. Debit Land OMR 80,000 Credit Share Capital OMR 80,000 c. Debit Land OMR 80,000 Credit Share capital OMR 70,000 Credit Share premium OMR 10,000 d. Debit Land OMR 70,000, Debit Share Premium OMR 10,000 Credit Share Capital OMR 80,000 The total Sales revenue of XYZ SAOG in Oman was OMR 3 million opening inventory was OMR 500,000, Its Purchase cost is OMR 1,500,000, Distribution cost was OMR 500,000 and General and Administration expense was OMR 200,000, Closing inventory was OMR 300,000. The value of Gross Profit was a. OMR 1,700,000 b. OMR 1,800,000 c. OMR 600,000 d. OMR 1,300,000
ABC SAOG acquired land worth OMR 80,000 from CPD LLC and issued 70,000 equity shares of OMR1 as fully paid up. Which one of the following journal entry will be correct? a. Debit Share capital 80,000, Credit Land OMR 70,000 Credit Share Premium OMR 10,000 b. Debit Land OMR 80,000 Credit Share Capital OMR 80,000 c. Debit Land OMR 80,000 Credit Share capital OMR 70,000 Credit Share premium OMR 10,000 d. Debit Land OMR 70,000, Debit Share Premium OMR 10,000 Credit Share Capital OMR 80,000 The total Sales revenue of XYZ SAOG in Oman was OMR 3 million opening inventory was OMR 500,000, Its Purchase cost is OMR 1,500,000, Distribution cost was OMR 500,000 and General and Administration expense was OMR 200,000, Closing inventory was OMR 300,000. The value of Gross Profit was a. OMR 1,700,000 b. OMR 1,800,000 c. OMR 600,000 d. OMR 1,300,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
ABC SAOG acquired land worth OMR 80,000 from CPD LLC and issued 70,000 equity shares of OMR1 as fully paid up. Which one of the following journal entry will be correct?
a.
Debit Share capital 80,000, Credit Land OMR 70,000 Credit Share Premium OMR 10,000
b.
Debit Land OMR 80,000 Credit Share Capital OMR 80,000
c.
Debit Land OMR 80,000 Credit Share capital OMR 70,000 Credit Share premium OMR 10,000
d.
Debit Land OMR 70,000, Debit Share Premium OMR 10,000 Credit Share Capital OMR 80,000
The total Sales revenue of XYZ SAOG in Oman was OMR 3 million opening inventory was OMR 500,000, Its Purchase cost is OMR 1,500,000, Distribution cost was OMR 500,000 and General and Administration expense was OMR 200,000, Closing inventory was OMR 300,000. The value of Gross Profit was
a.
OMR 1,700,000
b.
OMR 1,800,000
c.
OMR 600,000
d.
OMR 1,300,000
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