The Following are the transactions of Oman trading company during July.

Date

July

Transactions

1

Sold Goods to Salim Company for RO 1,900 under credit terms of 2/10, n/30, FOB shipping point. The merchandise had cost RO 1,500.

3

Purchased Merchandise from Azad Company for RO 1,890 under credit terms of 2/15, n/60, FOB Shipping Point.

5

Freight expenses incurred RO 250 on the purchase of goods on 3rd July.

7

Received the amount due from Salim Company for the credit sale dated 1st July.

9

Sold Merchandise that cost RO 2,600 for RO 3,200 Cash.

12

Sold Merchandise that cost RO 800 to Qasi Company for RO 1,200 under the credit terms of 2/15, n/60, FOB Shipping point.

15

Purchased Machinery for RO 4,000 for Cash

15

Received RO 190 credit memorandum from the return of merchandise purchased on 3rd July.

17

Issued RO 200 credit memorandum to Qasi Company for the goods returned.

20

Purchased Goods from Khalid Company for RO 4,000 under credit terms of 1/15, n/45, FOB Destination point.

21

Paid Azad Company the balance due.

23

Sold old Furniture RO 250 for Cash.

25

Paid RO 300 for transportation charges on the purchase of July 20.

26

Received the balance due from Qasi Company.

27

Truck sold to Basim RO 550 to be paid after 6 months.

28

Purchased Computer from Oman Computers for RO 500.

30

Sold Inventory that cost RO 2,000 to Salim Company for RO 3,000 under credit terms of 2/10, n/60, FOB Shipping point.

31

Paid the balance due to Khalid Company.

Instructions:

Prepare Sales day book, Sales return day book, Purchase book and Cash day book (Receipts and Payments)

Answer rating: 100% (QA)

Sales day book Date Details Amount RO Aug 1 Salim Company 1900 Aug 12 Qasi Compa... View the full answer