Case Study: 1 PART-B (5 Marks) Mr. Faisal is a local exporter in Oman and exports baby products to various countries. He also owns a dates and Omani Halwa factory located at Barka. He sells baby products and Omani Halwa to various shops and Hypermarkets in Oman. Mr. Ali is an importer of Bahrain. Faisal's transactions with its customers are on a cash and credit basis. On 2nd February 2019, Faisal sold goods to Ali for OMR 42,000 and drew a four months bill on the later. Ali accepted the bill and returned it to Faisal. On 3rd March, Faisal needed funds. Being a customer of Oman Arab Bank he got the bill discounted at 9% p.a. It was observed that the due date was falling on a public holiday. The bill was duly honored as per the terms. One of his local customers 'Barka Omani Halwa' located in Barka, regularly buys Halwa from Mr. Faisal. On 1st March 2019, Faisal supplied Halwa for OMR 5000 to Barka Omani Halwa and a bill was drawn as payable at sight. Faisal follows a practice of collecting bills due to his local customers every 15 days. Assume that the bank prepares its financial statements at the end of the year as on 31st March. You are required to: a) Explain the impact of the above events on the maturity dates of both the bills. (100 words minimum/1.5 Marks) b) Calculate the amount received by Mr. Faisal on discounting the bills (100 words minimum/ 1.5 Marks) c) Give journal entries in the books of the bank as the bill is met at the maturity (2 Marks)