Ali, Mohammed and Abdullah started a business. They agreed to share responsibilities, skills, Profits and losses. Ali invested RO 10,000, Abdullah invested RO 12,000 and Mohammed invested RO 8000 in the business. They acquired the following : Machine worth RO 2000, Furniture worth RO 1000, Supplies worth RO 500, Motor Car worth RO 2000. They also have bills payable worth RO 50, Salaries payable RO 200, rent payable RO 50 and the business also nas a long term loan of RO 5000, The business had Insurance expense of RO 500 and Utility expense of RO

Ali, Mohammed and Abdullah started a business. They agreed to share responsibilities, skills, Profits and losses. Ali invested RO 10,000, Abdullah invested RO 12,000 and Mohammed invested RO 8000 in the business. They acquired the following : Machine worth RO 2000, Furniture worth RO 1000, Supplies worth RO 500, Motor Car worth RO 2000. They also have bills payable worth RO 50, Salaries payable RO 200, rent payable RO 50 and the business also nas a long term loan of RO 5000, The business had Insurance expense of RO 500 and Utility expense of RO

Accounting Information Systems

10th Edition

ISBN:9781337619202

Author:Hall, James A.

Publisher:Hall, James A.

Chapter6: The Expenditure Cycle Part Ii: Payroll Processing And Fixed Asset Procedures

Section: Chapter Questions

Problem 3ICC

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