Question

1. Mr. Abdulla started business with cash OMR 60000 on 1^st January 2019.
2. Purchased furniture on credit from Greens Furniture OMR 1000
3. Took a bank loan of OMR 12,000 from Bank Muscat
4. Owner withdrew cash for his personal use OMR 7000.
5. Purchased goods on credit from Oman Traders OMR 5,100
6. Purchased Machinery on credit from Salim OMR 20,000
7. Paid Greens Furniture OMR 150
8. Sold goods on Credit OMR 1900 (costing OMR 1500) to Mr. Asim
9. Received the money due for goods sold on credit.
10. Paid to Oman Traders OMR 2000.

I need an answer for all transection

(ASSETS = LIABILITIES + CAPITAL)

Preferably the answer should be in the form of a table for each transection, with an explanation of each Assets - Liabilities - capital

Please do it now.

Answer 1

At the last, the firm would be having OMR91, 350 in assets and OMR35,950 in liability and OMR53,400 in capital as shown in picture. Each entry effect on asset, liability and capital is shown as follows.