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Thread: Please solve my Problem

  1. #1
    Email problem Missnancyalex's Avatar
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    Dec 2011
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    Please solve my Problem

    I need your help to complete my assignment. If anyone knows the correct answer please share with me.

    “ABC Company has expanded its operations and purchased some furniture for its recently rented show room situated in north of the city, which is expected to have useful life of five years. During the same year the company purchased furniture and other home accessories from renowned designers and sold it to customers from its show room.

    You are required to identify the account heads in which the above purchases of furniture will be recorded and why? You need to give valid reasons to support your answer.”

    Give a valid reason in 6 to 8 lines.

  2. #2
    Silver Member geraldenek's Avatar
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    Jul 2008
    Somerset West
    Thanked 112 Times in 80 Posts
    Sorry will give you only a guidline on how to do this

    the purchase of the furniture for the show room is assets - please google definition for assets and get a motivation going for why you thing it is assets

    The furniture that they resell is inventory – again google definition of inventory and give a motivation.
    Geraldene Kapp
    Professional Tax Help

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