Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question 41 not yet answered marked out of 1.00 pe

Question 41 Not yet answered Marked out of 1.00 Petroleum Company purchases 2,000 shares of...

60.1K

Verified Solution

Question

Accounting

image
Question 41 Not yet answered Marked out of 1.00 Petroleum Company purchases 2,000 shares of Mahesh Company at a cost of OMR 0.600 per share. It also pays OMR 50 for transaction cost. The investment was classified as Held for Trading. What would be Petroleum's journal entry for the purchase of Mahesh shares? O a Dr Cash OMR 1,200, Dr Miscellaneous Expense OMR 50 Cr Investment OMR 1.250 O b. Dr Investment OMR 1,200; Dr Miscellaneous Expense OMR 50; Cr Cash OMR 1,250 OC Dr Cash OMR 1,250; Cr Investment OMR 1,200; Cr Miscellaneous Expense OMR 50 Od Dr Investment OMR 1,200; Cr Miscellaneous Expense OMR 50; C Cash OMR 1,150 Flag

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students