Particulars OMR Sales 330,000 Cost of goods sold 155,000 Administration expenses 33,000 Selling & Distribution exp. 44,000 Interest received 12,200 Rent Received 2,000 Commission received 1,750 Liabilities OMR Assets OMR Equity share capital 27,800Furniture 4,000 Accounts Payable 1,550Cash in hand 4,500 Reserves and surplus 2,550Bills receivables 3,750 Bills payable 950Land 9,000 Long term borrowings 6,520Marketable securities 850 Outstanding Salaries 850Cash in bank 5,250 Loan from Bank 3,450Building 6,600 Preference share capital 5,265Prepaid expenses 850 Bank overdraft 825Cars & Trucks 3,350 Tax outstanding 590Account Receivables 1,150 Inventory 2,150 Income earned but not 430 received Machinery 6,250 Equipment 2,220 Total 50,350Total 50,350

Particulars OMR Sales 330,000 Cost of goods sold 155,000 Administration expenses 33,000 Selling & Distribution exp. 44,000 Interest received 12,200 Rent Received 2,000 Commission received 1,750 Liabilities OMR Assets OMR Equity share capital 27,800Furniture 4,000 Accounts Payable 1,550Cash in hand 4,500 Reserves and surplus 2,550Bills receivables 3,750 Bills payable 950Land 9,000 Long term borrowings 6,520Marketable securities 850 Outstanding Salaries 850Cash in bank 5,250 Loan from Bank 3,450Building 6,600 Preference share capital 5,265Prepaid expenses 850 Bank overdraft 825Cars & Trucks 3,350 Tax outstanding 590Account Receivables 1,150 Inventory 2,150 Income earned but not 430 received Machinery 6,250 Equipment 2,220 Total 50,350Total 50,350

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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