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A businessman invested $200000 land, purchased good $13000, paid salaries $4000 and Purchased return $2000. Which of the following will be uneffected?

1. Owner`s Equity

2. Liabilities

3. Assets

4. All will be effected, Statement is wrong

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Question ajoutée par Mehboob Ali Laghari , Social Mobilization Team Incharge , TRDP-European Union
Date de publication: 2015/08/10
Mohammed Ibrahim AlAgroud
par Mohammed Ibrahim AlAgroud , Credit Supervisor , Sulfah Financing Company

 

4. All will be effected, Statement is wrong

 

Imdad Hussain Rajput
par Imdad Hussain Rajput , Assistant Sales Manager , Forego

I think there is no transaction which can effect liability.................i think liability

4. All will be effected, Statement is wrong

 

The investments $200,000 land will affect asset and equity

Purchase of goods will affect liability and assets (inventory)

Paid salaries will affect asset (cash or bank) and expenses which in turn will affect owner's equity through the addition of the retained earnings reduced by this expense

Purchase return will affect inventory and liabilities 

Based on this all will be affected

Mohammed Asim Nehal
par Mohammed Asim Nehal , M Asim Nehal & Co , Chartered Accountants

4) option   All will be .....................

Ahmer Zamir
par Ahmer Zamir , Consultant , Saleem Associates & Co

The Owner's Equity is unaffected so that correct option is1)

LIability ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

manseer muhammed ali
par manseer muhammed ali , Accountant General , Royal Lighting L.L.C & Royal Furnishing LLC

i will go with Option No4. All will be effected, Statement is wrong

Asad Ahmed
par Asad Ahmed , Manager Finance & Company Secretary , Connect Communications Pvt. Ltd.

Liabilities will be unaffected

Michael Lagunday
par Michael Lagunday , Accountant , Dubai Camel Racing Club

My answer is2. Liabilities.

 

The questions is silent as to what kind of purchase to the goods have to be made.

Sayed Rubab Sayed
par Sayed Rubab Sayed , Finance Officer , The Next

all three entries dont effect liability account.

my answer is LIABILITY

Mustafa Haider
par Mustafa Haider , Assistant Manager Accounts , Kamal Hosiery Mill

IF PURCHASES WERE ON CREDIT THEN ALL WILL BE EFFECTED ANSWER4 IS CORRECT ANSWER BUT IF PURCHASES WERE ON CASH BASIS THEN lIABILITIES WILL NOT BE EFFECTED

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