On Jan 1, 2017, Mr. Rashid set up practice as an architect. After one month, the fim had the following account balances: Cash OMR 13,000 OMR 6,000 Office supplies OMR 7,000 Office equipment OMR 35,000 OMR 3,000 OMR 58,000 Capital The following transactions took place in the month of March 2017: 2017 2 March 5 March 7 March Paid creditors OMR 1,000 Purchased supplies for cash OMR 2.000 Billed clients for professional services rendered OMR 40,000 March Received professional fees on providing services OMR 10,000 13 March Paid assistant's salary OMR 1,000 16 March Purchased equipment on credit OMR 3,000 19 March Collected payments from clients billed earlier OMR 5,000 21 March Purchased supplies on credit OMR 1,000 22 March Withdrew cash for personal use OMR 6,000 25 March Paid creditors OMR 2,000 30March Paid telephone charges OMR 300 I. Construct a table of assets, liabilities and owner's equity in equation form and show the balance after each transaction. (24 marks) (6 marks) li. Analyse the effects of the transactions on the accounting equation. Question 4 Record the following details of Sohail Bhavan Marketing Ltd. and extract a trial balance as at 30 April 2016. April 1 April 2 Deposited April 3 Bought a photocopier machine and the payment was made through cheque of OMR Started business with a capital of OMR10,000 OMR4,000 into bank April 6 April 8 April 10 April 11 4,000 Appointed an assistant on a monthly salary of OMR750 Purchased goods costing OMR1,250 on credit from Star Ltd. Sold goods on credit to Tinton Ltd. amounting to OMR2,250 Paid maintenance for the photocopier machine OMR100 There were defects in the goods purchased, so returned goods to Star Ltd. worth OMR 250 April 15 Tinton Ltd.returned goods for OMR375 Apri 17 Payment made by cheque for the goods purchased on April 6, OMR700 Version 1 Page 5