PART C : Numerical Question

INSTRUCTION: Read the questions carefully and use the information provided in each question to answer that question. Show all your calculation and workings.

QUESTION 1 (Time: 12-15 minutes)

Rashid Cafe has current assets of OMR 20,800 , property and plant of OMR 41,300; and other assets totaling OMR 12,700. Non current liabilities are OMR 1,700 and account payable are OMR 3,400.

Requirements:

a Use the above information to write Rashid Cafe accounting equation.

(Rubrics: 0.5 mark for the correct answer, 0.5 mark for the workings and calculations

Total 1 mark)

b How much in economic resources does Rashid Cafe owns and controls ?

(Rubrics: 0.5 mark for the correct answer . Total 0.5 mark)

c How much does Rashid Cafe owe creditors?

(Rubrics: 0.5 mark for the correct answer . Total 0.5 mark)

d How much of the businesss assets do the Rashid Cafe shareholders own?

(Rubrics: 0.5 mark for the correct answer . Total 0.5 mark)