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Mr. Qais started the business during the month of Feb 2020. The business named, Majestic Computers sells all kinds of electronic items including laptop computers, printer, scanner, desktop computers etc. During the month of Feb 2020, the following financial transactions occurred: Feb 2020 Transaction details 1 Mr. Qais invested OMR 25,000 to start the business 3 Paid rent OMR 1,000 Purchased office furniture for business use on credit from Fahmy Furniture worth OMR 5,000 Purchased electronic goods for cash worth OMR 10,000 7 Purchased office computer and software for business worth OMR 2,000 for cash 10 Purchased electronic goods on credit from Arabia Traders worth OMR 10,000 12 Sold goods for cash – OMR 3,000 15 Sold goods for credit to MM Mobile Shop worth OMR 20,000 17 Paid Fahmy Furniture OMR 5,000 for office furniture purchased on 5th Feb 18 Paid Arabia Traders OMR 5,000 for electronic goods purchased on 10th Feb BUSS B 1004 QP Page 1 of 7

Mr. Qais started the business during the month of Feb 2020. The business named, Majestic Computers sells all kinds of electronic items including laptop computers, printer, scanner, desktop computers etc. During the month of Feb 2020, the following financial transactions occurred: Feb 2020 Transaction details 1 Mr. Qais invested OMR 25,000 to start the business 3 Paid rent OMR 1,000 Purchased office furniture for business use on credit from Fahmy Furniture worth OMR 5,000 Purchased electronic goods for cash worth OMR 10,000 7 Purchased office computer and software for business worth OMR 2,000 for cash 10 Purchased electronic goods on credit from Arabia Traders worth OMR 10,000 12 Sold goods for cash – OMR 3,000 15 Sold goods for credit to MM Mobile Shop worth OMR 20,000 17 Paid Fahmy Furniture OMR 5,000 for office furniture purchased on 5th Feb 18 Paid Arabia Traders OMR 5,000 for electronic goods purchased on 10th Feb BUSS B 1004 QP Page 1 of 7

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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Mr. Qais started the business during the month of Feb 2020. The business named, Majestic Computers sells all kinds of electronic items including laptop computers, printer, scanner, desktop computers etc. During the month of Feb 2020, the following financial transactions occurred: Feb 2020 Transaction details 1 Mr. Qais invested OMR 25,000 to start the business 3 Paid rent OMR 1,000 Purchased office furniture for business use on credit from Fahmy Furniture worth OMR 5,000 Purchased electronic goods for cash worth OMR 10,000 7 Purchased office computer and software for business worth OMR 2,000 for cash 10 Purchased electronic goods on credit from Arabia Traders worth OMR 10,000 12 Sold goods for cash – OMR 3,000 15 Sold goods for credit to MM Mobile Shop worth OMR 20,000 17 Paid Fahmy Furniture OMR 5,000 for office furniture purchased on 5th Feb 18 Paid Arabia Traders OMR 5,000 for electronic goods purchased on 10th Feb BUSS B 1004 QP Page 1 of 7
Transcribed Image Text:Mr. Qais started the business during the month of Feb 2020. The business named, Majestic Computers sells all kinds of electronic items including laptop computers, printer, scanner, desktop computers etc. During the month of Feb 2020, the following financial transactions occurred: Feb 2020 Transaction details 1 Mr. Qais invested OMR 25,000 to start the business 3 Paid rent OMR 1,000 Purchased office furniture for business use on credit from Fahmy Furniture worth OMR 5,000 Purchased electronic goods for cash worth OMR 10,000 7 Purchased office computer and software for business worth OMR 2,000 for cash 10 Purchased electronic goods on credit from Arabia Traders worth OMR 10,000 12 Sold goods for cash – OMR 3,000 15 Sold goods for credit to MM Mobile Shop worth OMR 20,000 17 Paid Fahmy Furniture OMR 5,000 for office furniture purchased on 5th Feb 18 Paid Arabia Traders OMR 5,000 for electronic goods purchased on 10th Feb BUSS B 1004 QP Page 1 of 7
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