You are asked to prepare the Balance Sheet after each of the transactions to prove the...

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Accounting

You are asked to prepare the Balance Sheet after each ofthe transactions to prove the Basic AccountingEquation.
ASSETS = LIABILITIES + CAPITAL
Mr. Abdulla started business with cash OMR………………………………on1^st January 2019.
Purchased furniture on credit from Greens Furniture OMR1000
Took a bank loan of OMR 12,000 from Bank Muscat
Owner withdrew cash for his personal use OMR…………………………
Purchased goods on credit from Oman Traders OMR 5,100
Purchased Machinery on credit from Salim OMR 20,000
Paid Greens Furniture OMR 150
Sold goods on Credit OMR 1900 (costing OMR 1500) to Mr.Asim
Received the money due for goods sold on credit.
Paid to Oman Traders OMR 2000.
NOTE.1.       The amount for transaction 1shall be any Amount you wish above OMR 50000.
2.      The amount for transaction 2 shall be any Amount you wish betweenOMR 5000 and 10000
3.      Please see that the amount you select shall not be the same as thatof your friends.
4.      Submit the assignment on or before 5^th November 2020through E- Learning.
5.      Late submissions are not encouraged as it may cause the reductionof marks.
6.      Maximum marks for this activity shall be 5.

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ans Journal entry 1 Cash ac Dr 60000 To Abdullas capital ac 60000 Liability Amount OMR Asset Amount OMR Abdullas capital 60000 Cash 60000 2 Furniture ac Dr 1000 To Greens furniture ac 1000 Liability Amount OMR Asset Amount OMR Trade payable Greens furniture 1000 Tangible asset See Answer

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You are asked to prepare the Balance Sheet after each ofthe transactions to prove the Basic AccountingEquation.ASSETS = LIABILITIES + CAPITALMr. Abdulla started business with cash OMR………………………………on1st January 2019.Purchased furniture on credit from Greens Furniture OMR1000Took a bank loan of OMR 12,000 from Bank MuscatOwner withdrew cash for his personal use OMR…………………………Purchased goods on credit from Oman Traders OMR 5,100Purchased Machinery on credit from Salim OMR 20,000Paid Greens Furniture OMR 150Sold goods on Credit OMR 1900 (costing OMR 1500) to Mr.AsimReceived the money due for goods sold on credit.Paid to Oman Traders OMR 2000.NOTE.1. The amount for transaction 1shall be any Amount you wish above OMR 50000.2. The amount for transaction 2 shall be any Amount you wish betweenOMR 5000 and 100003. Please see that the amount you select shall not be the same as thatof your friends.4. Submit the assignment on or before 5th November 2020through E- Learning.5. Late submissions are not encouraged as it may cause the reductionof marks.6. Maximum marks for this activity shall be 5.