Prepare the Inventory records  using the Weighted Average method.

DATE	PARTICULARS	PRICE PER UNIT
1.01.2021	Balance in inventory was 400 bags of rice	OMR 2.100 per bag
2.01.2021	Purchased 500 bags of rice	OMR 2.250 per bag
4.01.2021	Sold 560 bags of rice
6.01.2021	Purchased 220 bags of rice	OMR 2.150 per bag
8.01.2021	Purchased 100 bags of rice	OMR 2.050 per bag
10.01.2021	Sold 420 bags of rice
15.01.2021	Purchased 250 bags of rice	OMR 2.400 per bag
18.01.2021	Sold 400 bags of rice

 Mr. Ahmed sold to Mr. Ayman OMR 60,000 worth of goods on the 12^th of March 2012 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 following situations: 

When the notes are accepted.

On the maturity date, the note is honoured.

Suppose Mr. Ahmed prepared final accounts on the 15^th of May 2012.

Following the above situation, the bill is met on maturity.

The note was dishonoured on the maturity date by Mr. Ayman.