PROBLEMS FOR GROUP 8 Prepare the Inventory records. Required: Prepare the inventory records using...
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PROBLEMS FOR GROUP Prepare the Inventory records. Required: Prepare the inventory records using Weighted Average method Ms Amur sold to Ms Amira OMR worth of goods on the of April by accepting a days, interest bearing note. Both Ms Fatima & Ms Ruqaiya 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 Ms Amur prepared final accounts on the of May d Following the above situation, the bill is met on maturity. e The note was dishonored on the maturity date by Ms Amira. 
PROBLEMS FOR GROUP
Prepare the Inventory records.
Required: Prepare the inventory records using Weighted Average method
Ms Amur sold to Ms Amira OMR worth of goods on the of April by accepting a days,
interest bearing note. Both Ms Fatima & Ms Ruqaiya 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 Ms Amur prepared final accounts on the of May
d Following the above situation, the bill is met on maturity.
e The note was dishonored on the maturity date by Ms Amira.
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