PROBLEMS FOR GROUP 4 1. Prepare the Inventory records.

DATE	PARTICULARS	PRICE PER UNIT
1.01.2021	Balance in inventory was 500 bags of rice	OMR 2.200 per bag
3.01.2021	Purchased 600 bags of rice	OMR 2.450 per bag
5.01.2021	Purchased 320 bags of rice	OMR 2.350 per bag
9.01.2021	Sold 660 bags of rice
12.01.2021	Purchased 200 bags of rice	OMR 2.150 per bag
22.01.2021	Sold 520 bags of rice
23.01.2021	Purchased 350 bags of rice	OMR 2.550 per bag
24.01.2021	Sold 500 bags of rice

Required: Prepare the inventory records using the First-In-First-Out method 2. Ms. Fatima sold to Ms. Ruqaiya OMR 60,000 worth of goods on the 15th of April 2022 by accepting a 150 days, 6% interest bearing note. Both Ms. Fatima & Ms. Ruqaiya need your help in understanding how and in what way the notes receivable and the payables should be treated. Provide them with the required help by showing how the transactions would be treated in the books of both parties in the following situations: a) When the notes are accepted. b) On the maturity date, the note is honored. c) Suppose Ms. Fathima prepared final accounts on the 25th of July 2022. d) Following the above situation, the bill is met on maturity. e) The note was dishonored on the maturity date by Ms. Ruqaiya