11. Muscat Mills Limited of Oman sent 200 pieces of clothing's to Isaam stores , Buraimi on consignment basis. The cost to Muscat Mills Limited is 1200 OMR per piece . Isaam stores, Buraimi paid the following expenses Rent and Insurance 3000 OMR Railway freight 2000 OMR Muscat Mills Ltd, drawn on the consignees a draft for 60,000 OMR ,which is duly accepted. . It is discounted for 57,300. Later , Isaam stores Buraimi reports that the entire consignment has been sold for OMR 156,000. Prepare the journal entries to reflect the above

11. Muscat Mills Limited of Oman sent 200 pieces of clothing's to Isaam stores , Buraimi on consignment basis. The cost to Muscat Mills Limited is 1200 OMR per piece . Isaam stores, Buraimi paid the following expenses Rent and Insurance 3000 OMR Railway freight 2000 OMR Muscat Mills Ltd, drawn on the consignees a draft for 60,000 OMR ,which is duly accepted. . It is discounted for 57,300. Later , Isaam stores Buraimi reports that the entire consignment has been sold for OMR 156,000. Prepare the journal entries to reflect the above

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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