Video Link: https://youtu.be/oIf1fwxWrz0

In this video, I have explained:

1) What is periodic inventory system

2) Differences between the entries of perpetual and periodic inventory systems for: -Purchase of merchandise -Sale of merchandise

3) The reason for maintaining different accounts for purchase of merchandise under periodic inventory system as opposed to perpetual inventory system in which only one account i.e. inventory is opened for purchase of merchandise

4) Journal, ledger and trial balance under periodic inventory system.