Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. mr. ahmed sold to mr. ayman omr 60,000 worth of go

Mr. Ahmed sold to Mr. Ayman OMR 60,000 worth of goods on the 12th of...

70.2K

Verified Solution

Question

Accounting

Mr. Ahmed sold to Mr. Ayman OMR 60,000 worth of goods on the 12th of March 2022 by accepting a 130 days, 8%
interest bearing note. Both Mr. Ahmed & Mr. Ayman need your help in understanding how and in what way the notes
receivable and the payables should be treated. Provide them with the required help by showing how the transactions would
be treated in the books of both parties in the following situations:
a) When the notes are accepted.
b) On the maturity date, the note is honored.
c) Suppose Mr. Ahmed prepared final accounts on the 15th of May 2012.
d) Following the above situation, the bill is met on maturity.
e) The note was dishonored on the maturity date by Mr. Ayman.|
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

3. The Hofstadter Conway sequence is defined by a(1)=a(2)=1 and (for n>2 by) a(n)=a(a(n-1))+a(n-a(n-1)). Write...

Programming
Q

length L and mass M is lying on a smooth table and one third of...

Physics
Q

A small object is placed 50 cm to the left of a thin convex lens...

Physics
Q

Write ?-27 in simplest radical form.

Basic Math
Q

The Fara Littlebear Society is an NFPO funded by government grants and private...

Accounting
Q

On January 1,Year 1, Parker, Inc., a U.S.-based firm listed on the NY Stock Exchange,...

Accounting
Q

Undng Ivemury usihg lower of cost or net realizable value? A $4,300. B) $4,100. C)...

Accounting
Q

Wildhorse Co. Statement of Cash Flows $ Adjustments to reconcile net income to $ >...

Accounting
Q

On March 10, 2025, Carla Vista Company sold to Vaughn Hardware 220 tool sets at...

Accounting
Q

Harrison Company is considering an investment in a machine that would reduce annual labor costs...

Accounting
Q

Tobins Frozen Pizza Inc. has determined from its production budget the following estimated production volumes...

Accounting
Q

Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the...

Accounting