Marks Question No 4: (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 an individual organization's needs. Some companies prefera manual accounting system, which allows them to carefully design the process while using the traditional method of keeping track of all financial transactions on paper or in a localized spreadsheet. 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 All in One Printers LLC. He/She invested OMR 285.000 on 14 December 2018 to start a business. The business sells different types of Printers to customers. You have been appointed as an Accountant in his/her business. Following is the list of transactions that occurred during December 2018 Transactions Date December 2018 Purchased RO 240,000 of merchandise inventory from Waleed Printer LLC (Invoice no.563) Term: 2/10,n30 Purchased RO 180,000 of merchandise inventory from Oman Printers LLC (Invoice no 564) Term: 5/30, 1190 Purchased RO 100,000 of merchandise inventory from Nizwa Printers LLC (Invoice no.565) Term: 5/30, 190 Goods returned to Oman Printers LLC OMR 18,000 full payment was made to Waleed Printer LLC Paid cash RO 50,000 to Nizwa Printers LLC The Business Purchased merchandise for cash RO 20,000 The business made the certain payments for other sources other sources: Loss on Sale of Furnitures RO 4,000. Rental paid RO 16,800 He paid for advertising in the local paper RO70 He paid RO 300 for insurance for three months Required a) Enter all the transactions in the Purchase Day book, General Journal and Cash disbursement journal by using a Manual Accounting System. (4 Marks) b) Create an accounts payable ledger account and vendors ledgers. Post the appropriate entries to the accounts payable control ledger (use the individual transactions) and the vendor ledgers and Prepare a Schedule of Accounts payable to prove the balance in accounts payable) (3 Marks) c) Your friend is planning to shift from manual accounting system to computerized accounting system due to difficulties in tracking many business transactions. But he/she is confused both the system. As an Accountant how would you advise him in choosing the better system for the improvement of the business. (3 Marks) Question No 5: (10 Marks) LULUI