In the books of accounts of Mr. Majid, the following items are given:
Cash OMR 12,000; Commission received OMR 2,000; Furniture OMR 20,000; Land OMR 16,000
Wages Paid in advance OMR 6000 ; Accounts payable OMR 20,000;
Long term loan OMR 16,000 ; Capital OMR 16,000
Rent paid OMR 2,000 ; Additional Capital OMR 2,000
A. Arrange the above items as Assets, Liabilities, Revenue and Expenses.
B. Apply the items into an accounting equation and prove that accounting equation is always equal.