24 Assume that the total assets, liabilities, equity of the company are OMR 60000, OMR 20000 and OMR 40000 respectively

24 Assume that the total assets, liabilities, equity of the company are OMR 60000, OMR 20000 and OMR 40000 respectively.The company received OMR10000 dividend income from foreign securities and the company spent OMR 7000 factory painting, cleaning and maintenance expenses. Identify the effect of income received and expenses done by the company on different elements of balance sheet. a. Assets will decrease by OMR 10000 and Capital will increase by OMR 10000 b. None of the given options c. Assets will increase by OMR 10000 and Capital will decrease by OMR 7000 d. Assets will increase by OMR 3000 and capital will increase by OMR 3000 Clear my choice

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