Golden Furniture in Muscat follows periodic inventory method. The business Purchased Merchandise 100 study table at a cost of OMR 70 each under the terms of 3/EOM n/60 on 1st March 2019. Golden Furniture discovers that 40 study table are office table. Therefore the business returns to the supplier for a full refund on 12th March 2019. Which of the following statement is True in the books of Golden Furniture on 12th March 2019? a. The business should raise a credit note for the return of goods OMR 2,800 b. The business may deduct 3% discount if the invoice is paid before 12th March 2019 c. The business should receive a purchase invoice OMR 2,800 d. The business should raise a debit note for the return of goods OMR 2,800
Golden Furniture in Muscat follows periodic inventory method. The business Purchased Merchandise 100 study table at a cost of OMR 70 each under the terms of 3/EOM n/60 on 1st March 2019. Golden Furniture discovers that 40 study table are office table. Therefore the business returns to the supplier for a full refund on 12th March 2019. Which of the following statement is True in the books of Golden Furniture on 12th March 2019? a. The business should raise a credit note for the return of goods OMR 2,800 b. The business may deduct 3% discount if the invoice is paid before 12th March 2019 c. The business should receive a purchase invoice OMR 2,800 d. The business should raise a debit note for the return of goods OMR 2,800
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Golden Furniture in Muscat follows periodic inventory method. The business Purchased Merchandise 100 study table at a cost of OMR 70 each under the terms of 3/EOM n/60 on 1st March 2019. Golden Furniture discovers that 40 study table are office table. Therefore the business returns to the supplier for a full refund on 12th March 2019. Which of the following statement is True in the books of Golden Furniture on 12th March 2019?
a.
The business should raise a credit note for the return of goods OMR 2,800
b.
The business may deduct 3% discount if the invoice is paid before 12th March 2019
c.
The business should receive a purchase invoice OMR 2,800
d.
The business should raise a debit note for the return of goods OMR 2,800
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