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Question No 2: (10 Marks) Ms. Deena Abdullah Al-uamri worked as a Human Resource Manager in Computer Supplies LLC in Muscat for 5 years. She
Question No 2: (10 Marks) Ms. Deena Abdullah Al-uamri worked as a Human Resource Manager in Computer Supplies LLC in Muscat for 5 years. She then started his own business called Deena computer accessories LLC in Bahlut. The company sells different types of computer accessories in Oman. Assuming that you have been appointed as an Accounting technician in her organization. Your duty is to record transactions and summarize report at the end of the year. The company gives you the following transactions Name of Product Cost price (Purchase Price) per nos (OMR) Vendor Details Ameen Computers Salma Computers Sulieman Computers LCD Projector Key board Headphones Name of Product Sale Price per nos (OMR) Sale Price per nos (OMR) (Credit Price) (Cash Price) Computers Supplies LLC LCD Projector Keyboard Headphones Transactions Date 2019 March The Business purchased 300 nos of each product from Ameen Computers. The payment terms aire 3/20, n/60 The company discovers that 75 nos of each product purchased on March 1 was not in good condition and returns to the manufacturer for full refund. The Business sold 200 computer accessories each and receives cash immediately from customers. The business purchases 200 nos of LCD projectors and 300 nos of Keyboards from Salma Computers. The payment terms are 5/10, 1/30. The business discovers that 50% of LCD Projectors were damaged and returned to Salma computers and requested full refund. Salma computers were setiled full payment The business purchases 175 tros each computer accessories from Suleman Computers and paid the cash immediately The business returned 25 nos of each computer accessories to Suleiman Computers and requested full refund due to damage of computers, Computers Supplies LLC (Customer) purchases 200 nos of each product on credit Terms of the sale are 3/20, n60). On March 26, the customer returned 50 nos Keyboard to our business for a full refund. (Cost of goods sold : Average price of 3 suppliers) Received full payment from computer Supplies LLC Required a) How would you record the above transactions assumes that the Business asks you follow perpetual inventory system? 16 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)
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