Q3. On May 25, Al Mutasim Company made a credit sale of OMR 220,000 to Al Zubair Company and received a note for 100 days with 8% interest from him in settlement of account receivables. Al Mutasim Company closes their accounts every year on July 31^st and calculated accrued interest on the note of May 25^th.Al Mutasim Company received Notification from Al Zubair that he was unable to honour his note on the due date it is expected that AlZubair will pay at a later date but On 1^st October Al Zubair has paid full amount on note.On May 25, Another note for 90 days 11.5% interest has been received for OMR 112,000 from Khalid Company has been honoured on the due date.

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