IV. Ms.Fathima sold exclusive design ware materials to Ms.Aysha OMR 120,000 worth of goods on the 10th of February 2020 by accepting 150 days,8% interest bearing note. For one of them it was a Notes receivable while for the other it was a Notes payable. The accountants of both Ms. Fathima and Ms. Aysha made entries in the account books. Assume that you are the accountant and show by presenting a detailed table the entries you wuld make. Also show your calculations clearly for interests received and paid. Show how the transactions would be treated in the following situations. When the notes are made and accepted by both parties (i) (i) (ii) of April 2020 while Ms. Aysha wants it to be prepared on 2nd of May 2020 Honoring of the notes by the payee on the maturity date Suppose Ms. Fathima asked her accountant to prepare the final accounts on the 4th

IV. Ms.Fathima sold exclusive design ware materials to Ms.Aysha OMR 120,000 worth of goods on the 10th of February 2020 by accepting 150 days,8% interest bearing note. For one of them it was a Notes receivable while for the other it was a Notes payable. The accountants of both Ms. Fathima and Ms. Aysha made entries in the account books. Assume that you are the accountant and show by presenting a detailed table the entries you wuld make. Also show your calculations clearly for interests received and paid. Show how the transactions would be treated in the following situations. When the notes are made and accepted by both parties (i) (i) (ii) of April 2020 while Ms. Aysha wants it to be prepared on 2nd of May 2020 Honoring of the notes by the payee on the maturity date Suppose Ms. Fathima asked her accountant to prepare the final accounts on the 4th

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 33P

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