Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. abfalsid accounting methods question 4 inventories

ABFALSID ACCOUNTING METHODS Question 4 Inventories records of Yash Enterprise are maintained using the perpetual...

90.2K

Verified Solution

Question

Accounting

image

ABFALSID ACCOUNTING METHODS Question 4 Inventories records of Yash Enterprise are maintained using the perpetual inventory system for the financial year ended on 30 April 2018. The following is a summary of the purchases and sales for the month of April 2018: Date Particular Amount 2018 April Opening balance 300 units at RM5.00 each 5 Purchase 400 units at RM6.00 each 12 Sales 400 units at RM20.00 each 20 Purchases 500 units at RM4.00 each 26 Sales 600 units at RM23.00 each Required Calculate the cost of purchases, cost of sales and the value of closing investories as at 30 April 2018 using the First in fint out (FIFO) method (15 marks) (R) Explain the following accounting concepte Prudence; (2 marks) ( Consistency (2 marks) ( Business entity (2 marks) (iv) Going concern (2 marks) (v) Historical cost (2 marks) [Total: 25 marks) e & TE

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students