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In the books of accounts of Mr. Majid, the following items are given:   Cash OMR 12,000; Commission received OMR 2,000; Furniture OMR 20,000; Land OMR 16,000 Wages Paid in advance OMR 6000 ;    Accounts payable OMR 20,000; Long term loan OMR 16,000 ;  Capital OMR 16,000  Rent paid OMR 2,000 ; Additional Capital   OMR 2,000   A. Arrange the above items as Assets, Liabilities, Revenue and Expenses.                                                                                                             B. Apply the items into an accounting equation and prove that accounting equation is always equal.

In the books of accounts of Mr. Majid, the following items are given:   Cash OMR 12,000; Commission received OMR 2,000; Furniture OMR 20,000; Land OMR 16,000 Wages Paid in advance OMR 6000 ;    Accounts payable OMR 20,000; Long term loan OMR 16,000 ;  Capital OMR 16,000  Rent paid OMR 2,000 ; Additional Capital   OMR 2,000   A. Arrange the above items as Assets, Liabilities, Revenue and Expenses.                                                                                                             B. Apply the items into an accounting equation and prove that accounting equation is always equal.

FINANCIAL ACCOUNTING
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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1.In the books of accounts of Mr. Majid, the following items are given:

 

Cash OMR 12,000; Commission received OMR 2,000; Furniture OMR 20,000; Land OMR 16,000

Wages Paid in advance OMR 6000 ;    Accounts payable OMR 20,000;

Long term loan OMR 16,000 ;  Capital OMR 16,000 

Rent paid OMR 2,000 ; Additional Capital   OMR 2,000

 

A. Arrange the above items as Assets, Liabilities, Revenue and Expenses.

                                                                                                           

B. Apply the items into an accounting equation and prove that accounting equation is always equal.                                                                            

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