Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Rance Ltd is a distributor of footballs and has 400 footballs on hand at a cost of $50 each. The selling price of a football is $150.
The following transactions occurred for Rance Ltd during June:
June
1 Purchased 450 footballs.
2 Returned 50 of the footballs purchased on June 1.
5 Sold 200 footballs.
29 20 footballs were returned to Rance Ltd relating to the sale on June 5.
30 Sold 50 footballs.
All purchases and sales are for cash and all returns were not damaged and are available for re-sale. A stocktake at period end revealed 555 footballs on hand.
Required:
Question (a) Record the above transactions for the month of June in the general journal using the periodic inventory method. Journal entries should include the four closing entries to determine the cost of goods sold and ending inventory. Narrations are not required. Ignore GST.
Question (b) Record the above transactions for the month of June in the general journal using the perpetual inventory method. Narrations are not required. Ignore GST.
Question (c) Briefly explain the concept of lower of cost and net realisable value for inventory.
Financial Statement Analysis and Preparation
Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?
An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.
Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.
This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited
Prepare general journal entries for Goela Ltd
Prepare the journal entry to record the acquisition of the assets.
Prepare general journal entries to record the transactions, assuming use of the periodic inventory system
Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.
Explain the IASB Conceptual Framework's perspective of users and their decisions.
T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Computation of Free Cash Flow
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd