Question No 3: (5+5=10 Marks) (Objectives of this case study) To understand the application of accounting principles in recording of financial transactions To analyze the treatment of adjustment entries in the preparation of final accounts Case 1. The image given below shows one of the basic principles of accounting, Identify the concept related and answer the following questions in your own words. Assets Liabilities and Equity Answer the following Questions (1 mark each) a. Name the process represented by this picture. b. State the accounting concept relating to the picture. c. Mention the accounting system related to the image? d. Discuss any three examples to explain this process. e. Explain each terms assets, liabilities and equity in your own words. Case 2. Suppose you are the newly appointed accountant in National Trading LLC, Oman. The Company received interest on investment OMR 60000 on 1. 4 2020 for one year till 31.03 2021. The Company follows calendar year of accounting Answer the following Questions (1 mark each) a. Name the adjusting entry related to this transaction and pass entry to record the transaction? b. How will you define this adjusting entry in a single sentence? c. Which accounting concept is most applicable to this adjusting entry? d. How this amount is to be shown in balance sheet Income statement? e. How it will affect the financial statements if this entry is not passed