Total value of land and building is OMR 360,000 as on June 2021.The company uses only OMR 300,000 worth of land and building in its’ operating activities. How the land and building should be reported in the classified statement of financial position?a.Property, plant and equipment OMR 300,000 and long term investment OMR 60,000b.Long term investment OMR 360,000c.Property, plant and equipment OMR 60,000 and long term investment OMR 300,000d.Property, plant and equipment OMR 360,000Clear my choice

Property , plant and equipments means the asset which is used by company for many years to come for…

Answered: Total value of land and building is OMR…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Total value of land and building is OMR 360,000 as on June 2021.The company uses only OMR 300,000 worth of land and building in its’ operating activities. How the land and building should be reported in the classified statement of financial position?

Property, plant and equipment OMR 300,000 and long term investment OMR 60,000

Long term investment OMR 360,000

Property, plant and equipment OMR 60,000 and long term investment OMR 300,000

Property, plant and equipment OMR 360,000

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Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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