Complete the following into meaningful transactions . Solve them in basic accounting equation. Find the effect on Asset / Liabilities and Owner Equity and give the net result of the transactions. ---------- starts a business called ------------ enterprise on 1st January, 2021 and invests ---------------as his /her capital. ---------------enterprise purchases machinery worth RO. ------------ paid 35% in cash and remaining on credit. The enterprise purchased goods worth RO.-----. Paid RO.----- cash and balance on credit. The business made a sale of RO. ----- (cost being RO -----) on credit basis. The business took loan of RO. --------------from Bank Muscat . The owner withdrew RO.----------------from the business for his/ her personal use.
Complete the following into meaningful transactions . Solve them in basic accounting equation. Find the effect on Asset / Liabilities and Owner Equity and give the net result of the transactions. ---------- starts a business called ------------ enterprise on 1st January, 2021 and invests ---------------as his /her capital. ---------------enterprise purchases machinery worth RO. ------------ paid 35% in cash and remaining on credit. The enterprise purchased goods worth RO.-----. Paid RO.----- cash and balance on credit. The business made a sale of RO. ----- (cost being RO -----) on credit basis. The business took loan of RO. --------------from Bank Muscat . The owner withdrew RO.----------------from the business for his/ her personal use.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Complete the following into meaningful transactions . Solve them in basic accounting equation. Find the effect on Asset / Liabilities and Owner Equity and give the net result of the transactions.
---------- starts a business called ------------ enterprise on 1st January, 2021 and invests ---------------as his /her capital.
---------------enterprise purchases machinery worth RO. ------------ paid 35% in cash and remaining on credit.
The enterprise purchased goods worth RO.-----. Paid RO.----- cash and balance on credit.
The business made a sale of RO. ----- (cost being RO -----) on credit basis.
The business took loan of RO. --------------from Bank Muscat .
The owner withdrew RO.----------------from the business for his/ her personal use.
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