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Problem 1: Prepare general journal entries using periodic and perpetual inventory systems.
Issued a cheque in payment of freight on the purchase of Rs. 5000 on Dec. 03.
Purchased merchandise on account of Rs 600,000 on account on Dec 03.
On Dec 4, returned to supplier merchandise purchased on Dec 3, of Rs 60,000.
Sold merchandise on account of Rs 800,000 at 40 % gross profit on Dec 05.
On Dec 07, merchandise sold on Dec 05 returned by the customer Rs. 50,000.
On Dec 31st, merchandise physical count stands for amount Rs. 95,000.
Financial Statement Analysis and Preparation
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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.
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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
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Prepare general journal entries to record the transactions, assuming use of the periodic inventory system
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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
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