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1. A. Ahmed sells 225 Iron Doors to a reseller for RO 650 each with credit terms of 2.25/15, n/30 (2 Marks) B. Ahmed receive
1. A. Ahmed sells 225 Iron Doors to a reseller for RO 650 each with credit terms of 2.25/15, n/30 (2 Marks) B. Ahmed receive back 20 Iron doors from resellers as returns c. The money paid to Ahmed within 16 days. Prepare Journal entries Prepare Journal Entries 2. Ahmed is a trader and follows 31st January as his year end and his accounts shows following transactions. (4 Marks) a. Goods Sold to Mr. Khalid RO 15555 b. Opening balance of bad and doubtful debts was (credit) 1200 c. Ahmed write off RO 100 owed by a customer d. Create 2.5% provision for bad and doubtful detbs Prepare necessary Journal Entries and Show income statement and balance sheet with the impact of provision for bad and doubtful debts 3. a. On 5th September 2019 Goods sold to Mr. Mohammed RO 6500 and 7%, 4 months note issued (4 Marks) b. on 7th 10th October 2019 Goods sold to Mr. Ahmed RO 8500 and 8%, 3 months note issued c. On 31 December both the notes were accrued d. On 5th January 2020 note issued to Mr. Mohammed has been paid e. On 7th January 2020 note issued to Mr. Ahmed has been paid Prepare Journal Entries
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