Wiggins Plc is a small sport shop.At the beginning of the period,Wiggins Plc had 30 tennis racquets on hand costing £50 each.On 31 October 2009,the shop sold 20 racquets to a tennis instructor for £80.A delivery of 50 racquets was received on 15 November 2009 at £50 but received 2% discount if the account is paid within 30 days.What are the appropriate journal entries to recognise above transactions using the periodic system?
A)

\begin{array}{|l|l|l|l|}\hline31 \text { October } 2009\\\hline \mathrm { Dr } & \text { Cash } & 1600 & \\\hline \mathrm { Cr } & \text { Sales revenue } & & 1600 \\\hline & & & \\\hline{ 15 \text { November 2009 } } & & \\\hline \mathrm { Dr } & \text { Purchases } & 2500 & \\\hline \mathrm { Cr } & \text { Accounts payable } & & 2500 \\\hline\end{array}

\begin{array}{|l|l|l|l|}\hline31 \text { October } 2009\\\hline \mathrm { Dr } & \text { Cash } & 1600 & \\\hline \mathrm { Cr } & \text { Sales revenue } & & 1600 \\\hline & & & \\\hline { 15 \text { November 2009 } } & & \\\hline \mathrm { Dr } & \text { Purchases } & 2450 & \\\hline \mathrm { Cr } & \text { Accounts payable } & & 2450 \\\hline\end{array}

\begin{array}{l}\begin{array} { | r | l | r | r | } \hline 31 \text { October } 2009\\\hline \mathrm { Dr } & \text { Cash } & 1600 & \\\hline \mathrm { Cr } & \text { Sales revenue } & & 1600 \\\hline & & & \\\hline \mathrm { Dr } & \text { Cost of goods sold } & 1000 & \\\hline \mathrm { Cr } & \text { Inventory } & & 1000 \\\hline & & & \\\hline 15 \text { November 2009 } & & \\\hline \mathrm { Dr } & \text { Inventory } & 2500 & \\\hline \mathrm { Cr } & \text { Accounts payable } & & 2500 \\\hline\end{array}\end{array}

\begin{array}{l}\begin{array} { | r | l | r | r | } \hline 31 \text { October } 2009\\\hline \mathrm { Dr } & \text { Cash } & 1600 & \\\hline \mathrm { Cr } & \text { Sales revenue } & & 1600 \\\hline & & & \\\hline \mathrm { Dr } & \text { Cost of goods sold } & 1000 & \\\hline \mathrm { Cr } & \text { Inventory } & & 1000 \\\hline & & & \\\hline 15 \text { November 2009 } & & \\\hline \mathrm { Dr } & \text { Inventory } & 2450 & \\\hline \mathrm { Cr } & \text { Accounts payable } & & 2450 \\\hline\end{array}\end{array}

IAS 2 Require That Inventories Be Reinstated to the Extent

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