Rishi Preetam Thiruthani Ltd is an established retail business
Rishi Preetam Thiruthani Ltd is an established retail business. Data from the 2018 financial statements has been extracted and entered for all of the opening balances with the exception of Retained earnings. You are required to calculate and enter the opening balance for Retained earnings. Additional information Other current assets relate to prepaid selling & marketing expenses. Other current liabilities are accrued expenses relating to administrative expenses. The item Investments comprises a combination of long-term cash deposits and/or shares held in other entities. The following is a summary of transactions and events for the financial year ending on 30 June 2019 Event 1. Paid occupancy expenses of $555. Event 2. Credit purchases of inventory were $3,553. There were no cash purchases.…
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