You are required to prove the accounting equation after each of the transactions by preparing the balance sheet.                                                       1/1/2020.         Ali started business with cash OMR 150,000 2/1/2020.         Opened a bank account by depositing cash OMR 250 3/1/2020.         Bought furniture for cash OMR 300 4/1/2020.         Bought a car for cash OMR 10,000 5/1/2020.         Purchased goods on credit from Abdullah OMR 15,000

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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