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Mr Sultan decide to start a business of Job Consultancy Service that named as Global...

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Accounting

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Mr Sultan decide to start a business of Job Consultancy Service that named as Global business. On 1st January 2021, he invested OMR 25,000 cash in the business. 3rd January. The business purchased computer for OR. 7,000 cash. 10th January. The business performed a service to a customer and receives OR. 2,000 cash 15th January. The business received a bill for OR 500 from the Advertising Agency for advertising on its website but the business postpones payment until a later date 24th January. The company paid an amount of cash of OMR 200 for Internet expenses 30th January. Mr Sultan withdraw cash of OMR 400 from the business for his personal use. You are required to show the effect of above transactions on accounting equation and prove the accounting equation at the end. (Marks 3)

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