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