7 of 8 (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 individual organisatie's needs See companies prefera manual accounting system, which allows them to carefully design the process while using the traditional method of keeping track of all financiaransaction or in a localized spreadshot. 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 Golden Furniture LLC. He She invested OMR 280,000 on June 2018 to start a b The business well different types of Furnitures to customers. You have been appointed as an Accountant in his her business. Following is the list of transactions that occurred during June 2018 Sold RO60,000 of merchandise Term 2/10, n.30 (CGS: 40,000) try to Royal fumitur voice 563) Sold RO 40,000 of merchandise inventory to Oman Purwore (Ivoice Term. S/100 (COS: 25.000) 564) Sold RO 80,000 of merchandise Tom S 90COS 60,000) try to Maja Fumire (Ivoice 565) Goods retumed by Majan Furniture OMR 10.000 (Cost of goods sold 6.000) Received full payment from Majan Furniture Received cash RO 30,000 from Royal Furniture The Business sold merchandise for cash RO 20,000 The business carned the following income from other sources Profit on Sale of computer RO 4.000 Rental income RO 16.00 He paid for advertising in the local paper R070 He paid RO 300 for insurance for three months Required *) Enter all the transactions in the Sales Day book. General Joumal and Cash receipts journal by using a Manual Accounting System b) Create an accounts receivable ledger account and customer ledgers. Post the appropriate entries to the accounts receivable control ledger (use the individual transactions) and the customer lodgers and Prepare a Schedule of Accounts Receivable to prove the balance in accounts receivable Marks) c) Your friend is planning to shift from manual counting system to computerized accounting system due to difficulties in tracking many business transactions. But he she is confused for 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) 7 of 8 (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 individual organisatie's needs See companies prefera manual accounting system, which allows them to carefully design the process while using the traditional method of keeping track of all financiaransaction or in a localized spreadshot. 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 Golden Furniture LLC. He She invested OMR 280,000 on June 2018 to start a b The business well different types of Furnitures to customers. You have been appointed as an Accountant in his her business. Following is the list of transactions that occurred during June 2018 Sold RO60,000 of merchandise Term 2/10, n.30 (CGS: 40,000) try to Royal fumitur voice 563) Sold RO 40,000 of merchandise inventory to Oman Purwore (Ivoice Term. S/100 (COS: 25.000) 564) Sold RO 80,000 of merchandise Tom S 90COS 60,000) try to Maja Fumire (Ivoice 565) Goods retumed by Majan Furniture OMR 10.000 (Cost of goods sold 6.000) Received full payment from Majan Furniture Received cash RO 30,000 from Royal Furniture The Business sold merchandise for cash RO 20,000 The business carned the following income from other sources Profit on Sale of computer RO 4.000 Rental income RO 16.00 He paid for advertising in the local paper R070 He paid RO 300 for insurance for three months Required *) Enter all the transactions in the Sales Day book. General Joumal and Cash receipts journal by using a Manual Accounting System b) Create an accounts receivable ledger account and customer ledgers. Post the appropriate entries to the accounts receivable control ledger (use the individual transactions) and the customer lodgers and Prepare a Schedule of Accounts Receivable to prove the balance in accounts receivable Marks) c) Your friend is planning to shift from manual counting system to computerized accounting system due to difficulties in tracking many business transactions. But he she is confused for both the system. As an Accountant how would you advise him her in choosing the better system for the improvement of the business