Mr. Mohammed started a taxi business in Nizwa. He brought his personal Car worth RO 6,000 to be used for business purposes. The accounting entries required to record this transaction is. a. Dr. Capital RO 6,000 Cr. Car RO 6,000 b. Dr. Drawings RO 6,000 Cr. Capital RO 6,000 c. Dr. Car RO 6,000 Cr. Capital RO 6,000 d. Dr. Capital RO 6,000 Cr. Drawings RO 6,000

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is