Your assignment is to prepare and submit a paper on triple steel corporation. As the discussion highlights in the initial assessment of the company, the current assets of the company have declined as the total worth of the company has also deteriorated comparing from the last year results. Since the revenue of the company has reduced by 2.37 Million as compared to last year, the assets of the company have also decreased but not in the same proportion. The cash and cash equivalents have decreased by 1% while the trade receivables have reduced by almost 60% which does not correspond with the loss decline in the revenue for the current year which was only 11%. The inconsistency between the two corresponding figures requires some additional concern over revenue and receivables.
This paper outlines that  .the inventory of Triple Steel has not decreased by the same proportion as the closing stock of the company stood at 3.55 Million which was down by 14% while the cost of goods sold was up by 1%. It has also been identified that the company has used two different methods of valuation of inventory at the year end as the method of valuation of inventory must remain constant throughout the year. In addition, the IAS doesn’t allow the use of Last-in-first-out method of valuation of inventory.
The prepaid tax and insurance figures saw a decline by 23.53% as the revenue has also declined for the company and the company also incurred a loss of 49,000 this year compared to the profit of 1.795 Million last year. The property, plant and equipment of the company have increased by 3.7% which includes the purchase of land, building, equipment and machinery during the year. This has also given rise to the depreciation expense of the year which was nearly 8.8%. This may be because of the depreciation method used by the company such as the reducing balance. The current liabilities of the company have increased by 16.15% which include major increase in the amount of accounts payable which has increased by nearly 14%.