Zubair (SAOG) one of the large manufacturing company based in Sohar, has made all the arrangements in the beginning of the year 2017, to give a bulk purchase order to their major supplier Jamal Traders a Partnership firm based in Muscat, in order to start the production in their new factory. On February 2017 Zubair company purchased (goods for credit) materials worth OR.200,000 from Jamal Traders. But Zubair company agreed to pay the full amount only after 2 months i.e., on 1 April2019. From the above scenario, you need to consider the following Two situations. Situation-1 You are currently doing your OJT (On the job Training) in Jamal Traders accounts department, towards the end of training the head of accounts has asked you to answer the following. Note: Jamal Traders is following Accrual basis of accounting, a) At what date Jamal Traders need to identify and record the above transaction in the books of accounts, also discuss briefly about how Accrual basis of accounting is used for revenue recognition. (2.5 marks Word Limit 50-80) b) Do you think, the credit sale transaction of Jamal Traders initially leads to increase the account receivable of the business? Yes/No justify your answer. (1 mark Word Limit 20-40) c) Would you consider Jamal Traders partnership firm's liability is limited? Yes/No justify on your answer. Also discuss briefly any two advantages, if Jamal Traders change their partnership firm structure to LLC. (1.5 marks Word Limit 40-70) (Total 10 Marks)