ABC Electronics and Home Appliances LLC started business in Oman in the year 2015. The company purchased different types of Electronics and Home appliances products from a Manufacturer and sells across Oman. Assuming that you have been appointed as an Accountant in the business. Your duty is record day to day transactions and finalize the accounts at the end of the year. Required: a) Explain in detail different types of documentation that the business would expect to change hands in purchase, sales, purchase returns and sales returns etc. b) Show the model of atleast one Credit Sales invoice, Purchase invoice, Debit note and Credit note. (you can use imaginary figure) c) What are policies for trade discount/cash discount, Is there any products are subject to trade discount and why? Explain the terms and conditions in detail.

ABC Electronics and Home Appliances LLC started business in Oman in the year 2015. The company purchased different types of Electronics and Home appliances products from a Manufacturer and sells across Oman. Assuming that you have been appointed as an Accountant in the business. Your duty is record day to day transactions and finalize the accounts at the end of the year. Required: a) Explain in detail different types of documentation that the business would expect to change hands in purchase, sales, purchase returns and sales returns etc. b) Show the model of atleast one Credit Sales invoice, Purchase invoice, Debit note and Credit note. (you can use imaginary figure) c) What are policies for trade discount/cash discount, Is there any products are subject to trade discount and why? Explain the terms and conditions in detail.

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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ABC Electronics and Home Appliances LLC started business in Oman in the year 2015. The company purchased different types of Electronics and Home appliances products from a Manufacturer and sells across Oman. Assuming that you have been appointed as an Accountant in the business. Your duty is record day to day transactions and finalize the accounts at the end of the year. Required: documentation that the business would expect to change a) Explain in detail different types hands in purchase, sales, purchase returns and sales returns etc. b) Show the model of atleast one Credit Sales invoice, Purchase invoice, Debit note and Credit note. (you can use imaginary figure) c) What are policies for trade discount/cash discount, Is there any products are subject to trade discount and why? Explain the terms and conditions in detail.
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