MODRIC sold goods worth SR10 000 on credit. Cash discount is 10% if settled within...
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MODRIC sold goods worth SR10 000 on credit. Cash discount is 10% if settled within 8 days. MODRIC felt the discount would be taken. However, the customer rejected the discount and finally paid after the 30 days from the invoice date. The journal entry for the cash receipt will be: 8- At the beginning of the financial year a business has SR1,500 of inventory left over from the preceding accounting period. During the year it purchases additional goods costing SR10,000. Cost of goods sold is SR 11,100 . How much is the ending inventory? a) SR 1,900 b) SR 2,600 c) SR400 d) SR 100 9- Beginning inventory is SR20,000. Purchases amount to SR140,000. Ending inventory is SR5,000. How much is cost of sales? a) SR155,000 b) SR160,000 c) SR145,000 d) SR165,000
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