Case No. 1 The following are the ledger balances taken from the books of Omran Company. Accounts Receivable Account as on December 31, 2019 OMR 139,980 Allow for Doubtful Dcbts Account before adjustment as on January 1, 2019 OMR 2,250 (Dr.) Total sales is OMR 800,000 Total credit sales is OMR 600,000. The aging schedule of receivables as of December 31, 2019 is given below: Customer Balance Not past Days past due (OMR) due 1-30 31-60 61-90 91-180 181 Over 365 365 Salma 27,650 10,000 17.650 Sauud 17,330 5,895 11,435 Sulaiman 2,850 1,120 1,730 Zainab 47,500 27,500 20,000 zakariya 22,550 7,550 15,000 Haitham 15.650 6,750 8.900 Munawar 6,450 6,450 Total ? ? ? ? ? ? ? 0.5% 2% 4% 10% 30% 45% 80% Uncollectible ? Additional information: On March 1, 2019 OMR 750 of accounts receivable originating in 2018 is written off as uncollectible. Question No.1 You are required to: (1) Using aging of receivables method prepare necessary journal entries and Allowance for Doubtful Debts Account. Also calculate the net realizable value of receivables as on December 31, 2019. (6 Marks) (ii) Assume you are the inventory controller of Omran Company. Explain the advantages of aging schedule method of estimating bad debt in comparison with percentage of sales method. [Answer in 40-60 words) (2 Marks) (iii) Explain the difference between trade discount and sales discount. [Answer in 40-60 words) (2 Marks)