After all revenue and expense accounts have been closed at the end ofthe fiscal year on 31 March 2021 at Zuhoor Muscat Company, IncomeSummary has a debit of RO 193,400 and a credit of RO 258,600. At thesame date, Share Capital has a credit balance of RO 300,000, andDividends has a balance of RO 25,000. The total equity at the end ofthe period is:a.RO 401,752b. RO 363,250C.RO 348,100d. None of the options are correcte.RO 340,200

Total Equity: Total equity is the value that is left over after deducting the liabilities from total…

Answered: he total equity at the end of

Business

Accounting

he total equity at the end of

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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Question

After all revenue and expense accounts have been closed at the end of
the fiscal year on 31 March 2021 at Zuhoor Muscat Company, Income
Summary has a debit of RO 193,400 and a credit of RO 258,600. At the
same date, Share Capital has a credit balance of RO 300,000, and
Dividends has a balance of RO 25,000. The total equity at the end of
the period is:
a.
RO 401,752
b. RO 363,250
C.
RO 348,100
d. None of the options are correct
e.
RO 340,200

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