Ali, Mohammed and Abdullah started a business. They agreed to share responsibilities, skills, Profits and losses. Ali invested RO 10,000, Abdullah invested RO 12,000 and Mohammed invested RO 8000 in the business. They acquired the following : Machine worth RO 2000, Furniture worth RO 1000, Supplies worth RO 500, Motor Car worth RO 2000. They also have bills payable worth RO 50, Salaries payable RO 200, rent payable RO 50 and the business also nas a long term loan of RO 5000, The business had Insurance expense of RO 500 and Utility expense of RO

Ali, Mohammed and Abdullah started a business. They agreed to share responsibilities, skills, Profits and losses. Ali invested RO 10,000, Abdullah invested RO 12,000 and Mohammed invested RO 8000 in the business. They acquired the following : Machine worth RO 2000, Furniture worth RO 1000, Supplies worth RO 500, Motor Car worth RO 2000. They also have bills payable worth RO 50, Salaries payable RO 200, rent payable RO 50 and the business also nas a long term loan of RO 5000, The business had Insurance expense of RO 500 and Utility expense of RO

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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