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Saud Bahwan Company maintains its books of accounts under Perpetual Inventory System. Following are the transactions occurred during 2020. Beginning inventory 200 cars @ OMR

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Saud Bahwan Company maintains its books of accounts under Perpetual Inventory System. Following are the transactions occurred during 2020. Beginning inventory 200 cars @ OMR 8,000 per car Purchases made 5,000 cars @ OMR 8,000 per car Sales made 4,800 cars @ OMR 10,000 per car Purchase return 300 cars @ OMR 8,000 per car Required: (7 Marks) . Prepare journal entries and compute gross profit assuming the company uses a periodic inventory system b. Prepare journal entries and compute gross profit assuming the company uses a perpetual inventory system Date Particulars Debit (OMR) Credit (OMR)

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