Richie Advisors Private Limited

Abstract

The case deals with understanding the fundamentals of financial accounting and statements. It requires students to identify business transactions, analyze their impact on assets, liabilities, and equity, and prepare financial statements for the first two months of the company’s operations. The case can also be used to help students learn the steps of the accounting cycle: identifying business transactions, analyzing transactions, preparing journal entries, posting journal entries to ledger accounts, preparing trial balance, adjusting accounts, and closing temporary accounts.