(10 Marks Businesses an acting wstemas a method to collect report and The accounting systems come in all shapes and sizes and can be casily led to an individual needsSome companies prefera manual accounting system, which allows them to carefully design the proces while in the traditional method of keeping track of all financial prin t ing to many ra t ing functions is helpful in understanding the Aweka with faciam a de process with the info is a www Regiothe r the your friendsted business called Moden LLC. S O MR000 " July 2018 sort a business. The business different types of modern d es You have been Air Followy 2018 July 2015 the LLC Purchased RO 50.000 oferchandicry from no 563) Tem 210.30 Purchased RO 1.000 of merchandisectory from Nordic LLC no 564) Term: 5 30.90 Purchased RO65,000 of merchandise inventory from Rahman fashion LLC (vice ne 565) Term: 5/30,90 Goods retumed to Rahman P L LC OMR 16.000 Paid full cash payment to Akhar Pasion LLC 70% payment was made to Ramadhan LLC The Business Purchased merchandise for cash RO 12.000 The business made the certain yo Furnitures ROG R 1 300 Sale The business came the following computers ROR R O 1600 He paid for rtisting in the local paper R070 Head RO300 forice for the Red *) For all the was in the che Day hook, G umawa jumal by Menu Acting System Create spuble lodger account and vendors lodgers. Post the r e centes to the payable control lodger (use the individual transactions and the vende ledgers and Prepare a Schedule of A rt yhle to prove the balance in accounts payable) Mark) c) Your friend is planning to shift from manual accounting system to computed conting system due to difficulties in tracking many business transactions. But he she is confused the system As an Accountant how would you advise him her in choosing the better som for the improvement of the Marks (10 Marks Businesses an acting wstemas a method to collect report and The accounting systems come in all shapes and sizes and can be casily led to an individual needsSome companies prefera manual accounting system, which allows them to carefully design the proces while in the traditional method of keeping track of all financial prin t ing to many ra t ing functions is helpful in understanding the Aweka with faciam a de process with the info is a www Regiothe r the your friendsted business called Moden LLC. S O MR000 " July 2018 sort a business. The business different types of modern d es You have been Air Followy 2018 July 2015 the LLC Purchased RO 50.000 oferchandicry from no 563) Tem 210.30 Purchased RO 1.000 of merchandisectory from Nordic LLC no 564) Term: 5 30.90 Purchased RO65,000 of merchandise inventory from Rahman fashion LLC (vice ne 565) Term: 5/30,90 Goods retumed to Rahman P L LC OMR 16.000 Paid full cash payment to Akhar Pasion LLC 70% payment was made to Ramadhan LLC The Business Purchased merchandise for cash RO 12.000 The business made the certain yo Furnitures ROG R 1 300 Sale The business came the following computers ROR R O 1600 He paid for rtisting in the local paper R070 Head RO300 forice for the Red *) For all the was in the che Day hook, G umawa jumal by Menu Acting System Create spuble lodger account and vendors lodgers. Post the r e centes to the payable control lodger (use the individual transactions and the vende ledgers and Prepare a Schedule of A rt yhle to prove the balance in accounts payable) Mark) c) Your friend is planning to shift from manual accounting system to computed conting system due to difficulties in tracking many business transactions. But he she is confused the system As an Accountant how would you advise him her in choosing the better som for the improvement of the Marks Question No 4: (10 Marks) Businesses use an accounting system as a method to collect, report, and maintain their financial information. These accounting systems come in all shapes and sizes and can be easily tailored to an individual organization's needs. Some companies prefer a manual accounting system, which allows them to carefully design the process while using the traditional method of keeping track of all financial transactions on paper or in a localized spreadsheet. Knowing how to manually perform accounting functions is helpful in understanding the overall financial health of a business, Accountants are tasked with maintaining financial information in an organized way that will give rise to a clear and concise presentation of that information when the time comes. Using a system helps to improve the task of repeating processes. It also helps with summarizing the information in a clear way. Regardless of the system used or the size of the organization, having some type of accounting system in place is imperative for the financial success of the organization Assuming that your friend has started a business called Modern Fashion LLC. He/She invested OMR 70,000 on 1" July 2018 to start a business. The business sells different types of modern dresses to customers. You have been appointed as an Accountant in his/her business. Following is the list of transactions that occurred during July 2018 Date Transactions July 2018 Purchased RO 50,000 of merchandise inventory from Akbar fashion LLC (Invoice no.563), Term: 2/10,n30 Purchased RO 18,000 of merchandise inventory from Noor fashion LLC (Invoice no.564) Term: 5/30, n90 Purchased RO 65,000 of merchandise inventory from Rahman fashion LLC (Invoice no.565) Term: 5/30, n90 Goods returned to Rahman Fashion LLC OMR 18,000 Paid full cash payment to Akbar Fashion LLC 70% of payment was made to Rahman fashion LLC The Business Purchased merchandise for cash RO 12,000 The business made the certain payments: Fumitures RO 4,000. Rental paid 1200 Goods returned to Rahman Fashion LLC OMR 18,000 Paid full cash payment to Akbar Fashion LLC 70% of payment was made to Rahman fashion LLC The Business Purchased merchandise for cash RO 12,000 The business made the certain payments: Furnitures RO 4,000. Rental paid 1200 The business earned the following income from other sources: Profit on Sale of computers RO 4,000. Rental income RO 16,800 He paid for advertising in the local paper R070 He paid RO 300 for insurance for three months Required a Manual Accounting System. (4 Marks) b) Create an accounts payable ledger account and vendors ledgers. Post the appropriate entries to the accounts payable control ledger (use the individual transactions) and the vendor ledgers and Prepare a Schedule of Accounts payable to prove the balance in accounts payable) (3 Marks) c) Your friend is planning to shift from manual accounting system to computerized accounting system due to difficulties in tracking many business transactions. But he/she is confused both the system. As an Accountant how would you advise him/her in choosing the better system for the improvement of the business. (3 Marks) (10 Marks Businesses an acting wstemas a method to collect report and The accounting systems come in all shapes and sizes and can be casily led to an individual needsSome companies prefera manual accounting system, which allows them to carefully design the proces while in the traditional method of keeping track of all financial prin t ing to many ra t ing functions is helpful in understanding the Aweka with faciam a de process with the info is a www Regiothe r the your friendsted business called Moden LLC. S O MR000 " July 2018 sort a business. The business different types of modern d es You have been Air Followy 2018 July 2015 the LLC Purchased RO 50.000 oferchandicry from no 563) Tem 210.30 Purchased RO 1.000 of merchandisectory from Nordic LLC no 564) Term: 5 30.90 Purchased RO65,000 of merchandise inventory from Rahman fashion LLC (vice ne 565) Term: 5/30,90 Goods retumed to Rahman P L LC OMR 16.000 Paid full cash payment to Akhar Pasion LLC 70% payment was made to Ramadhan LLC The Business Purchased merchandise for cash RO 12.000 The business made the certain yo Furnitures ROG R 1 300 Sale The business came the following computers ROR R O 1600 He paid for rtisting in the local paper R070 Head RO300 forice for the Red *) For all the was in the che Day hook, G umawa jumal by Menu Acting System Create spuble lodger account and vendors lodgers. Post the r e centes to the payable control lodger (use the individual transactions and the vende ledgers and Prepare a Schedule of A rt yhle to prove the balance in accounts payable) Mark) c) Your friend is planning to shift from manual accounting system to computed conting system due to difficulties in tracking many business transactions. But he she is confused the system As an Accountant how would you advise him her in choosing the better som for the improvement of the Marks (10 Marks Businesses an acting wstemas a method to collect report and The accounting systems come in all shapes and sizes and can be casily led to an individual needsSome companies prefera manual accounting system, which allows them to carefully design the proces while in the traditional method of keeping track of all financial prin t ing to many ra t ing functions is helpful in understanding the Aweka with faciam a de process with the info is a www Regiothe r the your friendsted business called Moden LLC. S O MR000 " July 2018 sort a business. The business different types of modern d es You have been Air Followy 2018 July 2015 the LLC Purchased RO 50.000 oferchandicry from no 563) Tem 210.30 Purchased RO 1.000 of merchandisectory from Nordic LLC no 564) Term: 5 30.90 Purchased RO65,000 of merchandise inventory from Rahman fashion LLC (vice ne 565) Term: 5/30,90 Goods retumed to Rahman P L LC OMR 16.000 Paid full cash payment to Akhar Pasion LLC 70% payment was made to Ramadhan LLC The Business Purchased merchandise for cash RO 12.000 The business made the certain yo Furnitures ROG R 1 300 Sale The business came the following computers ROR R O 1600 He paid for rtisting in the local paper R070 Head RO300 forice for the Red *) For all the was in the che Day hook, G umawa jumal by Menu Acting System Create spuble lodger account and vendors lodgers. Post the r e centes to the payable control lodger (use the individual transactions and the vende ledgers and Prepare a Schedule of A rt yhle to prove the balance in accounts payable) Mark) c) Your friend is planning to shift from manual accounting system to computed conting system due to difficulties in tracking many business transactions. But he she is confused the system As an Accountant how would you advise him her in choosing the better som for the improvement of the Marks Question No 4: (10 Marks) Businesses use an accounting system as a method to collect, report, and maintain their financial information. These accounting systems come in all shapes and sizes and can be easily tailored to an individual organization's needs. Some companies prefer a manual accounting system, which allows them to carefully design the process while using the traditional method of keeping track of all financial transactions on paper or in a localized spreadsheet. Knowing how to manually perform accounting functions is helpful in understanding the overall financial health of a business, Accountants are tasked with maintaining financial information in an organized way that will give rise to a clear and concise presentation of that information when the time comes. Using a system helps to improve the task of repeating processes. It also helps with summarizing the information in a clear way. Regardless of the system used or the size of the organization, having some type of accounting system in place is imperative for the financial success of the organization Assuming that your friend has started a business called Modern Fashion LLC. He/She invested OMR 70,000 on 1" July 2018 to start a business. The business sells different types of modern dresses to customers. You have been appointed as an Accountant in his/her business. Following is the list of transactions that occurred during July 2018 Date Transactions July 2018 Purchased RO 50,000 of merchandise inventory from Akbar fashion LLC (Invoice no.563), Term: 2/10,n30 Purchased RO 18,000 of merchandise inventory from Noor fashion LLC (Invoice no.564) Term: 5/30, n90 Purchased RO 65,000 of merchandise inventory from Rahman fashion LLC (Invoice no.565) Term: 5/30, n90 Goods returned to Rahman Fashion LLC OMR 18,000 Paid full cash payment to Akbar Fashion LLC 70% of payment was made to Rahman fashion LLC The Business Purchased merchandise for cash RO 12,000 The business made the certain payments: Fumitures RO 4,000. Rental paid 1200 Goods returned to Rahman Fashion LLC OMR 18,000 Paid full cash payment to Akbar Fashion LLC 70% of payment was made to Rahman fashion LLC The Business Purchased merchandise for cash RO 12,000 The business made the certain payments: Furnitures RO 4,000. Rental paid 1200 The business earned the following income from other sources: Profit on Sale of computers RO 4,000. Rental income RO 16,800 He paid for advertising in the local paper R070 He paid RO 300 for insurance for three months Required a Manual Accounting System. (4 Marks) b) Create an accounts payable ledger account and vendors ledgers. Post the appropriate entries to the accounts payable control ledger (use the individual transactions) and the vendor ledgers and Prepare a Schedule of Accounts payable to prove the balance in accounts payable) (3 Marks) c) Your friend is planning to shift from manual accounting system to computerized accounting system due to difficulties in tracking many business transactions. But he/she is confused both the system. As an Accountant how would you advise him/her in choosing the better system for the improvement of the business