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  1. business
  2. accounting
  3. assume that the total assets, liabilities, equity

Assume that the total assets, liabilities, Equity of the company are OMR 50000, OMR 20000...

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Accounting

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Assume that the total assets, liabilities, Equity of the company are OMR 50000, OMR 20000 and OMR 30000 respectively. The company purchased building materials from Al Karama LLC for OMR 7000 and paid OMR 4000 cash immediately. For the reaming payables company gave promissory note to Al Karama LLC. How the above purchases shows effect on different elements of statement of financial position? a. Assets will increase by OMR 3000 and Liabilities will increase by OMR 3000 b. Assets will increase by OMR 7000 and liabilities will increase by OMR 3000 c. None of the given options d. Assets will decrease by OMR 4000 and liabilities will increase by OMR 3000

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