Mr. Shabib is a Sole trader. He has withdrawn cash OMR 2,000 from the business to buy a laptop for his son. Which of the followingwill be the impact of it according to double entry rule?O a. Decrease in capital and increase in assetO b. Increase in capital and decrease in assetO c. Decrease in capital and decrease in assetO d. Increase in capital and increase in asset

Answered: Mr. Shabib is a Sole trader. He has…

Mr. Shabib is a Sole trader. He has withdrawn cash OMR 2,000 from the business to buy a laptop for his son. Which of the following will be the impact of it according to double entry rule?

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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Question

Mr. Shabib is a Sole trader. He has withdrawn cash OMR 2,000 from the business to buy a laptop for his son. Which of the following
will be the impact of it according to double entry rule?
O a. Decrease in capital and increase in asset
O b. Increase in capital and decrease in asset
O c. Decrease in capital and decrease in asset
O d. Increase in capital and increase in asset

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