The following transactions relating to an enterprise. prepare sales, purchases, returns outward day books. 2019 May 1 Credit sales: Hafsa OMR 300; Hamed OMR 200; Hitam OMR 100 3 Credit purchases: Matayam OMR 250; Marwa OMR 124; Mithes OMR 57 7 Credit sales: Sara OMR 400; Said OMR 200; Salim OMR 150 9 Credit purchases: Adil OMR 230; Adil zaied OMR 57; Amal OMR 231 11 Goods returned by us to:Marayam OMR 100; Mitha OMR 100 14 Goods returned to us by: T Thompson OMR 5; K Barton OMR 11; K Kelly OMR 14 17 Credit purchases: Hitam OMR 434; Hamed OMR 21; Hamal OMR 231 20 Goods returned by us to: Hamal OMR 120 24 Credit sales: Mohammed OMR 48; Mitha OMR 56; Marim OMR 234 28 Goods returned to us by N Mendes OMR 24. 31 Credit sales: Al- Maha OMR 20

The following transactions relating to an enterprise. prepare sales, purchases, returns outward day books. 2019 May 1 Credit sales: Hafsa OMR 300; Hamed OMR 200; Hitam OMR 100 3 Credit purchases: Matayam OMR 250; Marwa OMR 124; Mithes OMR 57 7 Credit sales: Sara OMR 400; Said OMR 200; Salim OMR 150 9 Credit purchases: Adil OMR 230; Adil zaied OMR 57; Amal OMR 231 11 Goods returned by us to:Marayam OMR 100; Mitha OMR 100 14 Goods returned to us by: T Thompson OMR 5; K Barton OMR 11; K Kelly OMR 14 17 Credit purchases: Hitam OMR 434; Hamed OMR 21; Hamal OMR 231 20 Goods returned by us to: Hamal OMR 120 24 Credit sales: Mohammed OMR 48; Mitha OMR 56; Marim OMR 234 28 Goods returned to us by N Mendes OMR 24. 31 Credit sales: Al- Maha OMR 20

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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Concept explainers

Master Budget

A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.

Sales Budget and Selling

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.

Question

The following transactions relating to an
enterprise. prepare sales, purchases, returns
outward day books.
2019
May 1 Credit sales: Hafsa OMR 300; Hamed
OMR 200; Hitam OMR 100
3 Credit purchases: Matayam OMR 250;
Marwa OMR 124; Mithes OMR 57
7 Credit sales: Sara OMR 400; Said OMR
200; Salim OMR 150
9 Credit purchases: Adil OMR 230; Adil zaied
OMR 57; Amal OMR 231
11 Goods returned by us to:Marayam OMR
100; Mitha OMR 100
14 Goods returned to us by: T Thompson
OMR 5; K Barton OMR 11; K Kelly OMR 14
17 Credit purchases: Hitam OMR 434; Hamed
OMR 21; Hamal OMR 231
20 Goods returned by us to: Hamal OMR 120
24 Credit sales: Mohammed OMR 48; Mitha
OMR 56; Marim OMR 234
28 Goods returned to us by N Mendes OMR
24.
31 Credit sales: Al- Maha OMR 20

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