If the value of liabilities is 30000 OMR andAssets are 100000 OMR. Which of thefollowing is the amount of Owner Capital?Select one:O a. 100000 OMRb. 90000 OMRO c. 10000 OMRO d. 70000 OMR On 15 December 2020; Saadah Companypurchased goods at the amount of 42500OMR and paid 12500, the balance is onaccount.Which of the following is the correctjournal entry for this transaction?Select one:O A.DateAccountsDebit Credit(RO) (RO)Goods425003000015.12.2020PayableCash12500О в.Debit Credit(RO) (RO)DateAccountsPayable3000015.12.2020 Cash12500Goods42500DateAccountsDebit Credit(RO) (RO)Payable3000015.12.2020Cash12500Goods42500D.DateAccountsDebit Credit(RO)(RO)Goods425003000015.12.2020CashPayable12500

1) Given: Assets = 100,000 OMR Liabilities = 30,000 OMR Owner Capital = Assets - Liabilities =…

Answered: Lssets are 100000 OMR ollowing is the…

Business

Accounting

Lssets are 100000 OMR ollowing is the amount o elect one: O a. 100000 OMR O b. 90000 OMR O c. 10000 OMR

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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Concept explainers

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.

Question

100%

If the value of liabilities is 30000 OMR and
Assets are 100000 OMR. Which of the
following is the amount of Owner Capital?
Select one:
O a. 100000 OMR
b. 90000 OMR
O c. 10000 OMR
O d. 70000 OMR

On 15 December 2020; Saadah Company
purchased goods at the amount of 42500
OMR and paid 12500, the balance is on
account.
Which of the following is the correct
journal entry for this transaction?
Select one:
O A.
Date
Accounts
Debit Credit
(RO) (RO)
Goods
42500
30000
15.12.2020
Payable
Cash
12500
О в.
Debit Credit
(RO) (RO)
Date
Accounts
Payable
30000
15.12.2020 Cash
12500
Goods
42500
Date
Accounts
Debit Credit
(RO) (RO)
Payable
30000
15.12.2020
Cash
12500
Goods
42500
D.
Date
Accounts
Debit Credit
(RO)
(RO)
Goods
42500
30000
15.12.2020
Cash
Payable
12500

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