You are a pharmacist and have established a pharmacy store in a General Hospital. The
Pharmacy store is independent of the hospital operations itself. Let’s assume given government laws
this is permitted to be established and your pharmacy business provides the hospital patients a quick and easy convenient way to get their prescribed medications written by hospital medical doctors.
So what Accounting System will your pharmacy business have?
What Accounts will your General Ledger have in terms of Assets, Liabilities, Equalities, Revenues And Expenses?
What journals do you need to account for your daily transactions? Show some examples of sales and purchases of supplies.
For your financial statements what format will you have? What vital accounting information must be communicated to show your business performance on a monthly basis?
Take into account some patient’s prescriptions are covered by private or government Medicare insurance.