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16

Global company, owned by Miss Aida, provides advertising poster. During January 2019, the following events occurred:

1^st Jan: Started new business by investing Cash OMR. 100,000

2^nd Jan: Building were purchased for OMR. 60,000 on credit.

3^rd Jan: Miss Aida Purchased goods for OMR 10,000 from supplier on Credit.

Q1. What is the journal entry for 1^st Jan transaction? Dr. Cash OMR 100,000 & Cr. Capital OMR 100000Dr. Capital OMR 100,000 & Cr. Cash OMR 100000Dr. Drawings OMR 100,000 & Cr. Cash OMR 100000Dr. Cash OMR 100,000 & Cr. Drawings OMR 100000

Q2. What is the Credit Account for 2^nd Jan transaction?

A\ Account Payable OMR 60,000

B\ Bank OMR 60,000

C\ Building OMR 60,000

D\ Cash OMR 60,000

Q3. What is the journal entry for 2^nd Jan transaction?

A\ Dr. Account Payable OMR 60,000 & Cr. Purchase OMR 60000

B\ Dr. Building OMR 60,000 & Cr. Account Payable OMR 60000

C\ Dr. Purchase OMR 60,000 & Cr. Account Receivable OMR 60000

D\ Dr. Cash OMR 60,000 & Cr. Purchase OMR 60000

Q4. What is the Debit account for 3^nd Jan transaction?

A\ Purchase OMR 10,000

B\ Bank OMR 10,000

C\ Account Payable OMR 10,000

D\ Cash OMR 10,000

Q5. What is the Journal entry for 3^rd Jan transaction?

A\ Dr. Purchase OMR 10,000 & Cr. Cash OMR 5000

B\ Dr. Cash OMR 10,000 & Cr. Purchase OMR 10000

C\ Dr. Purchase OMR 10,000 & Cr. Account Payable OMR 10000

D\ Dr. Purchase OMR 10,000 & Cr. Cash OMR 10000

17

Consider the following Income Statement to answer the following questions.

Particulars		Amount
Sales	61750
Sales returns
Net sales		61500
Cost of goods sold		..
Gross profit		21500
Discount received	1500
Commission received	2000
		3500
		25000
Salaries	2000
Advertising	1500
General expenses	1000
Carriage outwards	500
		5000
Net profit

Q1. What is the amount of Sales Returns?

A\ OMR 250

B\ OMR 150

C\ OMR 700

D\ OMR 750

Q2. What is the amount of Cost of Goods Sold?

A\ OMR 16,000

B\ OMR 25,000

C\ OMR 20,000

D\ OMR 40,000

Q3. What is the amount of Net Profit?

A\ OMR 30,000

B\ OMR 10,000

C\ OMR 20,000

D\ OMR 40,000

18

From the following balances you are required to prepare an Income Statement and answer the following questions.

Account details	Amount in OMR
Sales	5250
Purchases	4100
Purchase returns	100
Sales returns	250
Opening stock	1000
Closing stock	1500
Wages	250
Salaries	300
Rent expenses	200
Office expenses	100
Discount received	150
Commission received	200

Q1. What is the amount of net sales?

A\ OMR 15,000

B\ OMR 10,000

C\ OMR 5000

D\ OMR 50,000

Q2. What is the amount of Gross profit?

A\ OMR 2250

B\ OMR 12,500

C\ OMR 1250

D\ OMR 2500

Q3. What is the amount of total indirect expenses?

A\ OMR 1200

B\ OMR 300

C\ OMR 600

D\ OMR 6000

Q4. What is the amount of indirect revenues?

A\ OMR 3500

B\ OMR 350

C\ OMR 700

D\ OMR 250

Q5. What is the amount of net profit?

A\ OMR 10,000

B\ OMR 500

C\ OMR 1000

D\ OMR 1500