Question: Consider the following events related Mr. Masood, the owner of a retail shop in Ibri. 1 Masood gifted a watch to his staff Ms.

Consider the following events related Mr. Masood, the owner of a retail shop in Ibri. 1 Masood gifted a watch

Consider the following events related Mr. Masood, the owner of a retail shop in Ibri. 1 Masood gifted a watch to his staff Ms. Zainab on the occasion of her marriage. 2 Paid rent for the staff accommodation 3 One of his staff got injured in a road accident. 4 Masood fired a staff for theft of money from shop. 5 A customer, who had to give OMR 2,000 to Masood, died. 6 A new staff is hired as a manger of the shop. 7 Masood donated OMR 500 to help people affected by Covid 19. Required: A. Identify the transactions that should not be recorded in the accounting records of Masood's business. B. Discuss the reasons for not recording the identified transactions in the accounting records.

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