Answer All the Questions Question 1: In the beginning of the year 2019, EMR LLC a construction company based in ibri, has made all the arrangements to give a bulk purchase order to their major supplier Sohar Traders a Partnership firm based in Sohar, in order to start a new construction project immediately for a new client. On 1 February 2019 EMR LLC company purchased (goods for credit) materials worth OR. 150,000 from SOHAR Traders. But EMR LLC company agreed to pay the full amount only after 4 months ie.on 1 June 2019 From the above scenario, you need to consider the following Two situations. Situation-2 You are currently doing your OJT (On the job Training) in Sohar Traders accounts department, towards the end of training the head of accounts has asked you to answer the following. Note: Sohar Traders is following Cash basis of accounting, a) At what date Sohar Traders need to identify and record the above transaction in the books of accounts, also discuss briefly about how cash basis of accounting is used for revenue recognition. (2.5 marks Word Limit 50-80) b) Do you think, the credit sale transaction of Sohar Traders initially leads to increase the account receivable of the business? Yes No justify your answer. (1 mark Word Limit 20.40) c) Would you consider Sohar Traders partnership firm's liability is limited? Yes/No justify on your answer. Also discuss briefly any two advantages, if Sohar Traders change their partnership firm structure to LLC. (1.5 marks Word Limit 40-70) (Total 10 Marks)