discount if the invoice is paid before 12th March 2019

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Golden Furniture in Muscat follows periodic inventory method. The business sold Merchandise 100 study table at a cost of OMR 70 each under the terms of 3/EOM n/60 on 1st March 2019. The business receives goods returned by customer for 40 study table due to wrong delivery of office table. Customer request for a full refund on 12th March 2019. Which of the following statement is True in the books of of Golden furniture on 12th March 2019? a. The business should raise a sales invoice OMR 2,800 b. The business should raise a debit note for the return of goods OMR 2,800 c. The business should raise a credit note for the return of goods OMR 2,800 d. The business may deduct 3% discount if the invoice is paid before 12th March 2019
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