MaattLIE Question No 2: (10 Marks) Mr. Inam Mohammed Al-Amri worked as a Marketing Manager in Al Mabalch Industry in Muscat for 5 years. He then started his own business called Al Fawakich LLC in Musea. The company sells different types of Fruits in Oman. Assuming that you have been appointed as an Accounting technician in his organization. Your duty is to record transactions and summarize report the end of the year. The company gives you the following transactions: Name of Fruits Cost price (Purchase Price) per kg (OMR) Mina Fawake LLC Vendor Details Rahman Fawakeh Malik Fawake LLC LLC Apple Orange Name of Fruits Sale Price per kg (OMR) (Credit Price) Mima Fawakch LLC (Customer) Sale Price per kg (OMR) (Cash Price) Apple Orange Mango Date 2019 Transactions March The Business purchased 1000 kg of cach fruits from Mina Fawach LLC. The payment terms are 120.160. The company discovers that 100 kg of Mango and 200 kg of Orange which was purchased on March 4 were damaged and returns to the manufacturer for full refund One of the Customer purchased 300 kg of cach fruits and paid cash immediately Mr. Inam purchases 250 kg of each fruits from Rahman Fawakch LLC. The payment terms are 5/10,30 60% of the payment was made to Rahman Fawakeh LLC Mr. Inam purchases 400 kg of Apple and 400 kg of range from Malik Fawach LLC Terms of the purchase are 1/15,n30 The Business discovers that 400 kg of Orange purchased from Malik Fawak.ch LLC was not in good condition but decides to keep them with the manufacturer issuing an allowance of RO 0.500 per kg The Business made full payment to Malik Fawake LLC Bount and settle their account Mizna Farwach LLC (Customer) purchases 300 kg of cachfruits ce credit. Terms of the sale are 1/10, n60. On March 22, the customer returned 50 kg of Mange to our 2300 2500 5 of 8 vis Salle Price per kg (OMR) Sale Price per kg (OMR) Credit Price) (Cash Price) Mina Fawakeh LLC (Customer) Apple 1.500 March The Business purchased 1000 kg of cach fruits from Mina Perwakich LLC. The payment terms are 1/20/60 The company discovers that 100 kg of Mange and 200 kg of Orange which was purchased on March 4 were damaged and returns to the manufacturer for full refund One of the Customer purchased 300 kg of cach fruits and paid cash immediately Mr. Inam purchases 250 kg of each fruits from Rahman Fawach LLC. The payment terms are 5/10, 1/30 60% of the payment was made to Rahman Fawakeh LLC Mr. Inam purchases 400 kg of Apple and 400 kg of orange from Malik Fawakch LLC Terms of the purchase are 1/15, n/30 The Business discovers that 400 kg of Orange purchased from Malik Fowach LLC was not in good conditional decides to keep them with the manufacturering an allowance of RO 0.500 per kg The Business made full payment to Malik Fawake LUC Bount and see their Mina Ferwakich LLC (Customer purchases 300 kg of cachfruits credit. Terms of the sale are 1/10, n60. On March 22, the customer returned 50 kg of Mange to our business for a full refund. (Cost of goods sold: Average price of three suppliers) Received full payment from Mira Fawakeh LLC Required a) How would you record the above transactions assumes that the Business asks you follow perpetual Inventory system? (6 Marks) b) The Business wants to know the details of each customers and suppliers outstanding report. As an Accountant how would you present such report to the Management of the business? (4 Marks) MaattLIE Question No 2: (10 Marks) Mr. Inam Mohammed Al-Amri worked as a Marketing Manager in Al Mabalch Industry in Muscat for 5 years. He then started his own business called Al Fawakich LLC in Musea. The company sells different types of Fruits in Oman. Assuming that you have been appointed as an Accounting technician in his organization. Your duty is to record transactions and summarize report the end of the year. The company gives you the following transactions: Name of Fruits Cost price (Purchase Price) per kg (OMR) Mina Fawake LLC Vendor Details Rahman Fawakeh Malik Fawake LLC LLC Apple Orange Name of Fruits Sale Price per kg (OMR) (Credit Price) Mima Fawakch LLC (Customer) Sale Price per kg (OMR) (Cash Price) Apple Orange Mango Date 2019 Transactions March The Business purchased 1000 kg of cach fruits from Mina Fawach LLC. The payment terms are 120.160. The company discovers that 100 kg of Mango and 200 kg of Orange which was purchased on March 4 were damaged and returns to the manufacturer for full refund One of the Customer purchased 300 kg of cach fruits and paid cash immediately Mr. Inam purchases 250 kg of each fruits from Rahman Fawakch LLC. The payment terms are 5/10,30 60% of the payment was made to Rahman Fawakeh LLC Mr. Inam purchases 400 kg of Apple and 400 kg of range from Malik Fawach LLC Terms of the purchase are 1/15,n30 The Business discovers that 400 kg of Orange purchased from Malik Fawak.ch LLC was not in good condition but decides to keep them with the manufacturer issuing an allowance of RO 0.500 per kg The Business made full payment to Malik Fawake LLC Bount and settle their account Mizna Farwach LLC (Customer) purchases 300 kg of cachfruits ce credit. Terms of the sale are 1/10, n60. On March 22, the customer returned 50 kg of Mange to our 2300 2500 5 of 8 vis Salle Price per kg (OMR) Sale Price per kg (OMR) Credit Price) (Cash Price) Mina Fawakeh LLC (Customer) Apple 1.500 March The Business purchased 1000 kg of cach fruits from Mina Perwakich LLC. The payment terms are 1/20/60 The company discovers that 100 kg of Mange and 200 kg of Orange which was purchased on March 4 were damaged and returns to the manufacturer for full refund One of the Customer purchased 300 kg of cach fruits and paid cash immediately Mr. Inam purchases 250 kg of each fruits from Rahman Fawach LLC. The payment terms are 5/10, 1/30 60% of the payment was made to Rahman Fawakeh LLC Mr. Inam purchases 400 kg of Apple and 400 kg of orange from Malik Fawakch LLC Terms of the purchase are 1/15, n/30 The Business discovers that 400 kg of Orange purchased from Malik Fowach LLC was not in good conditional decides to keep them with the manufacturering an allowance of RO 0.500 per kg The Business made full payment to Malik Fawake LUC Bount and see their Mina Ferwakich LLC (Customer purchases 300 kg of cachfruits credit. Terms of the sale are 1/10, n60. On March 22, the customer returned 50 kg of Mange to our business for a full refund. (Cost of goods sold: Average price of three suppliers) Received full payment from Mira Fawakeh LLC Required a) How would you record the above transactions assumes that the Business asks you follow perpetual Inventory system? (6 Marks) b) The Business wants to know the details of each customers and suppliers outstanding report. As an Accountant how would you present such report to the Management of the business? (4 Marks)