Question

3 (b)    ZamZam Traders provide the following information regarding his sales during

            March 2019.                                                                                                               (Marks 4)

1. Cash sales to customers OMR 250,000
2. Credit sales to the customers OMR 550,000
3. Sales return by cash customers OMR 30,000
4. Sales return by credit customers OMR 35,000
5. Sales Discount to credit customers OMR 5,000

Required:

1. Pass journal entries to record the above transactions
2. Prepare accounts receivable account

Answer 3 (b):

1.                                                           General Journal

Date	Particulars / Accounts	L.F	Debit Amount (OMR)	Credit Amount (OMR)
a
b
c
d
e

Answer 3 (b):

(2)

Accounts Receivable
Account Title	Amount Dr. (OMR	Account Title	Amount Cr. (OMR)
Total		Total

Answer 1

Date	Particulars	LF	Debit	Credit
a	Cash		250000
	To Sales Revenue			250000
	(To record cash sales)
b	Accounts Receivable		550000
	To Sales Revenue			550000
	(To record credit sales)
c	Sales Return		30000
	To Cash			30000
	(To record sales return)
d	Sales Return		35000
	To Accounts Receivable			35000
	(To record sales return)
e	Cash		510000
	Discounts to Accounts Receivables		5000
	To Accounts Receivable			515000
	(To record discount given on cash receipt)

Accounts Receivable
Account Title	Amount Dr.	Account Title	Amount Cr.
To Sales Revenue	550000	By Sales Return	35000
		By Cash	510000
		By discounts	5000
	550000		550000