One of the companies purchased a set of fixed assets for an amount of 12 million dinars in cash. The fair market value of these assets was as follows: lands 6 million dinars buildings 5 million dinars machines 3 million dinars the cars 4 million dinars Required/recorded purchase for these assets

One of the companies purchased a set of fixed assets for an amount of 12 million dinars in cash. The fair market value of these assets was as follows: lands 6 million dinars buildings 5 million dinars machines 3 million dinars the cars 4 million dinars Required/recorded purchase for these assets

Name: One of the companiespurchased a set of fixedassets for an amount of 1
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Description: One of the companiespurchased a set of fixedassets for an amount of 12million dinars in cash. Thefair market value of theseassets was as follows:lands6 million dinarsbuildings5 million dinarsmachines3 million dinarsthe cars4 million dinarsRequired/r

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

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

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Question

One of the companies
purchased a set of fixed
assets for an amount of 12
million dinars in cash. The
fair market value of these
assets was as follows:
lands
6 million dinars
buildings
5 million dinars
machines
3 million dinars
the cars
4 million dinars
Required/recorded
purchase for these assets

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