Stationery Hut is engaged in the purchase and sale of stationery products. The inventory of the company ranges from carbon pencil to cartridge. It has earned the reputation of delivering high quality products in a timely manner. The following transactions are relating to Stationery Hut for the month of April 2020.

Date	Transaction
April 2	Purchased merchandise from Naser for OMR 10,000 under credit terms of 1/15, n/30, FOB shipping point.
4	Sold merchandise to Murshid for OMR 12,000 under credit terms of 2/10, n/60, FOB shipping point. The merchandise has cost OMR 6,000.
5	Paid OMR 250 cash for freight charges on the purchases made on April 2.
9	Sold merchandise that cost OMR 2,000 for OMR 2,700 cash.
10	Purchased merchandise from Ali for OMR 3,600 under credit terms of 2/15, n/60, FOB Destination.
12	Received OMR 400 credit memorandum from the return of merchandise purchased on April 10.
14	Received the balance due from Murshid for the credit sale dated April 4, net of the discount.
17	Paid the balance due to Naser within the discount period.
20	Sold merchandise that cost OMR 1,500 to Wasim for OMR 3,000 under credit terms of 2/15, n/60, FOB shipping point.
22	Issued OMR 300 credit memorandum to Wasim for an allowance on goods sold from April 20.
25	Paid Ali the balance due after deducting the discount.
28	Received the balance due from Wasim for the credit sale dated April 20, net of allowance and discount.
30	Sold merchandise that cost OMR 3,500 to Murshid for OMR 7,000 under credit terms of 2/10, n/60, FOB shipping point.

Question 3:

1. Under Perpetual Inventory System, you are required to prepare;
   1. Special Journals and General Journal. (5 Marks)
   2. Accounts Receivable Subsidiary Ledger Accounts and Accounts Payable Subsidiary Ledger Accounts. (3 Marks)
   3. Accounts Receivable Control Account and Accounts Payable Control Account.

(2 Mark)