Reference no: EM132507559

BAAC1102 Principles of Accounting - Shinas College of Technology

Problem No 1

Assume you are an Accounting Head of Vale company. Muscat college is calling for a conference program to present on Accounting Principles followed in different business sectors in Oman. You are required to discuss in detail the different principles adopted different in Oman. (The student should answer with minimum two hundred (200) words and maximum three hundred (300) words).

Problem No 2

Due to Covid-19 you are working from home. Your manager is sending the last month transaction of your company to you. You are required to Journalize the below transaction using double entry rules.

Date	Particulars	OMR
2020 March 1	Business started with cash OMR	80,000
2	Purchased goods from Mr. Yaqoob	5,000
6	Wages paid	1,200
4	Salaries paid	200
9	Sales made on credit to Mr. Khaleel	8,000
10	Travelling charge paid	300
10	Paid to Mr. Yaqoob	2,000
15	Payment made by Mr. Khaleel	4,000
20	Purchase of Machinery	1,500
29	Commission received	300

Problem No 3

Use the answer from Problem Number 2 and Prepare the ledger accounts

Problem No 4

From the following information extracted from the books of Al Salam LLC for the year ended 31st December 2017, prepare the trial balance for the year ended 31st December 2017:

Account Title	OMR
Shankar's Capital	45,000
Sundry Creditors	6,000
Service Revenue	45,000
Cash in hand	2,100
Stationary	30,000
Cash in Bank	9,000
Interest Paid	600
Bills Receivables	16,500
Travelling Expenses	1,500
Bills Payable	10,500
Interest Received	1,200
Discount Received	1,200
Sundry Debtors	22,500
Wages	10,500
Commission	1,500
Rent	1,200
Plant and Machinery	7,000
Telephone charges	1,000
Water Charge	500
Land and Buildings	5,000

Problem No 5

Use the data and answer from Problem Number 4 and Prepare financial statement Alsalam LLC for the year ended 31st December 2017 (Income statement, Statement of Owners' Equity and Balance sheet).

Attachment:- Principles of Accounting.rar