Mr. Naveed decided to start a courier service Business in Ibra that named as Courier delivery service. On 1st January 2021, he invested OR. 90,000 cash in the business. 3rd January. The business purchased furniture worth OR. 4,000 and paid cash. 10th January. The business purchased office supplies worth RO.4, 000 from Musana Traders LLC and paid cash OR.1000, and agreed to pay balance after one month. 15th January. The business performed a service to a customer and receives OR. 1,800 cash. 25th January. The business paid salaries to employees totalled OR.1, 200 30th January. Mr. Nasser withdraw cash of OMR 400 from the business for his personal use. You are required to show the effect of above transactions on accounting equation and prove the accounting equation at the end
Mr. Naveed decided to start a courier service Business in Ibra that named as Courier delivery service. On 1st January 2021, he invested OR. 90,000 cash in the business. 3rd January. The business purchased furniture worth OR. 4,000 and paid cash. 10th January. The business purchased office supplies worth RO.4, 000 from Musana Traders LLC and paid cash OR.1000, and agreed to pay balance after one month. 15th January. The business performed a service to a customer and receives OR. 1,800 cash. 25th January. The business paid salaries to employees totalled OR.1, 200 30th January. Mr. Nasser withdraw cash of OMR 400 from the business for his personal use. You are required to show the effect of above transactions on accounting equation and prove the accounting equation at the end
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Mr. Naveed decided to start a courier service Business in Ibra that named as Courier delivery service. On 1st January 2021, he invested OR. 90,000 cash in the business.
3rd January. The business purchased furniture worth OR. 4,000 and paid cash.
10th January. The business purchased office
supplies worth RO.4, 000 from Musana
Traders LLC and paid cash OR.1000, and agreed to pay balance after one month.
15th January. The business performed a service to a customer and receives OR. 1,800 cash.
25th January. The business paid salaries to employees totalled OR.1, 200
30th January. Mr. Nasser withdraw cash of OMR 400 from the business for his personal use.
You are required to show the effect of above
transactions on accounting equation and prove the accounting equation at the end
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