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Instruction: Answer all the questions with workings in detail. 1. Al Khaleel Company purchased 5000...

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Accounting

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Instruction: Answer all the questions with workings in detail. 1. Al Khaleel Company purchased 5000 units of material for $1.50 per unit at the beginning of the year. The current market price of the material is $ 1.75 per unit. What is the value of inventory the company will report in the books of accounts and according to which principle? (1 Mark) 2. Anas the owner of Fahmy furniture shop he took furniture worth $500 from the shop for household purpose how will you treat this in the statement of owners' equity.(1 Mark) 3. When transactions pertaining to the period under review have not been considered and hence not reflected in the trial balance the adjusting entries are passed, what do you mean by the term Adjustment entry? What are the features of adjusting entries list any two of them.(2 Marks) 4. The business closes it accounts on 31.3.2020.The business purchased equipment on 30th of September 2019 for $40000 which had an useful life of 8 years .Calculate the amount of depreciation for the year ending 31.3.2020 based on straight line method (1 Mark)

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