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The Financial Techniques And Strategies Are Necessary For The Efficient Operation Of An International Business

Question 1

  1. Journalize the following transactions and post them to ledger.From the following                    transactions of Phoenix Inc for Oct ,2016.

(i)Journalize the below transactions

(ii)Post the Journal entries in to ledger accounts

DateTransactions
2016 Oct 1Niel started business with cash $ 800,000
         Oct 2 purchased goods worth $ 3000
         Oct 15Sold goods for  $ 25000
        Oct 18Purchased stationeries $4000
        Oct 23Purchased furniture for $ 24,000
Oct 25Paid electricity charges with cash $3000
Oct 26Paid Salary $18000
Oct 28Paid rent $500

(10 Marks)

  1. “Bookkeeping is synonymous to accounting”Analyse this statement.

(10 marks)

Question 2

  1. Prepare income statement and balance sheet of Indus Corp as on 31st Dec,2016.
ParticularsAmount ($ ‘000)
Sales37,436
Cash4,895
Cost of goods sold26,980
Accounts Payable7,156
Accounts Receivable5,714
Selling, general, and administrative expense3,624
Inventories8,517
Research and Development expense1,982
Plant and Equipment7,154
Interest expense450
Long term liability20105
Land981
Income tax expense1,100
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