Ms. Sumaya is an Accountant in a Wholesale merchandise business. The business uses periodic inventory system. The Business purchase merchandise on Credit from Nizwa Industries for OMR 25,000. But it has been posted to Credit side of Nizwa Industries as OMR 52,000 but purchase account was posted correctly by the accountant. Which of the following rectification entry is Correct? a. Debit Nizwa Industries with OMR 27000 b. Debit Purchase OMR 27,000 Credit Nizwa Industries OMR 27,000 c. Credit Nizwa Industries with OMR 27000 d. Debit Nizwa Industries OMR 27,000 Credit Purchase OMR 27,000

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is