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Mr. Ahmed sold to Mr. Ayman OMR 60,000 worth of goods on the 12th of...

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Accounting

Mr. Ahmed sold to Mr. Ayman OMR 60,000 worth of goods on the 12th of March 2022 by accepting a 130 days, 8%
interest bearing note. Both Mr. Ahmed & Mr. Ayman need your help in understanding how and in what way the notes
receivable and the payables should be treated. Provide them with the required help by showing how the transactions would
be treated in the books of both parties in the following situations:
a) When the notes are accepted.
b) On the maturity date, the note is honored.
c) Suppose Mr. Ahmed prepared final accounts on the 15th of May 2012.
d) Following the above situation, the bill is met on maturity.
e) The note was dishonored on the maturity date by Mr. Ayman.|
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