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Land OMR 5,000 Bank Loan OMR 3,000 Rent Paid OMR 350 Stock OMR 1,200 Debtors...

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Question

Accounting

Land OMR 5,000

Bank Loan OMR 3,000

Rent Paid OMR 350

Stock OMR 1,200

Debtors OMR 500

Creditors OMR 400

Interest earned OMR 100

Machine OMR 2,000

Commission received OMR 800

Salary payable OMR 600

Under the chapter of elements of financial statements, classify the above information and select the correct value of the elements:

a) Income OMR 800

b) Liabilities OMR 3,400

c) Asset OMR 8,700

d) Expenses OMR 950

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