Incomplete Records
Gbogbo ọrọ náà
Not every business keeps a full set of double entry records. A small trader may simply bank the takings, pay the bills and hold a few invoices, with no ledger at all. Yet at the year end that trader still needs to know the profit, and the tax authority still wants a figure. Incomplete records is the detective work of accounting: starting from whatever scraps of information exist, you reconstruct the missing figures and build a full set of financial statements.
In this lesson you will learn two powerful techniques. First, finding profit from the change in capital over the year, using statements of affairs. Second, using control accounts and the relationships of mark-up, margin and inventory turnover to recover missing sales, purchases and inventory figures. These methods turn a shoebox of receipts into a proper income statement and statement of financial position.
Ebumnobi
- why businesses keep different types of accounting records rather than using the full double entry system.
- the advantages and disadvantages of not maintaining a full set of accounting records.
- how to prepare opening and closing statements of affairs.
- how to calculate profit or loss for the year from changes in capital over time.
- how to calculate sales, purchases, gross profit, trade receivables and trade payables and other figures from incomplete information.
- how to prepare statements of profit or loss and statements of financial position from incomplete records.
- how to make adjustments to financial statements as detailed in 5.1 (sole traders).
- how to apply the techniques of mark-up, margin and inventory turnover to arrive at missing figures.
Akọmọ Ojú-ẹkọ
Ọ dị na ngwa Green Bridge
Budata ngwa Green Bridge CBT na ekwentị maọbụ kọmputa gị iji nweta akwụkwọ ndụmọdụ zuru oke, ajụjụ mmụta, na ndị ọzọ.
Ayẹwo Ẹkọ
Ekele diri gi maka imecha ihe karịrị na Incomplete Records. Ugbu a na ị na-enyochakwa isi echiche na echiche ndị dị mkpa, ọ bụ oge iji nwalee ihe ị ma. Ngwa a na-enye ụdị ajụjụ ọmụmụ dị iche iche emebere iji kwado nghọta gị wee nyere gị aka ịmata otú ị ghọtara ihe ndị a kụziri.
Ị ga-ahụ ngwakọta nke ụdị ajụjụ dị iche iche, gụnyere ajụjụ chọrọ ịhọrọ otu n’ime ọtụtụ azịza, ajụjụ chọrọ mkpirisi azịza, na ajụjụ ede ede. A na-arụpụta ajụjụ ọ bụla nke ọma iji nwalee akụkụ dị iche iche nke ihe ọmụma gị na nkà nke ịtụgharị uche.
Jiri akụkụ a nke nyocha ka ohere iji kụziere ihe ị matara banyere isiokwu ahụ ma chọpụta ebe ọ bụla ị nwere ike ịchọ ọmụmụ ihe ọzọ. Ekwela ka nsogbu ọ bụla ị na-eche ihu mee ka ị daa mba; kama, lee ha anya dị ka ohere maka ịzụlite onwe gị na imeziwanye.
- Capital is best described as: A. Assets plus liabilities B. Assets less liabilities C. Cash in the bank D. Total sales for the year Answer: B
- Opening capital $40 000, closing capital $52 000, drawings $9 000, capital introduced $5 000. What is the profit for the year? A. $12 000 B. $16 000 C. $21 000 D. $26 000 Answer: B
- Gross profit is $5 000, cost of sales is $15 000 and sales are $20 000. What is the margin? A. 20% B. 25% C. 33.33% D. 40% Answer: B
- A trader has a mark-up of 25%. What is the equivalent margin? A. 15% B. 20% C. 25% D. 33.33% Answer: B
- Cash received from credit customers $331 600, opening receivables $23 800, closing receivables $26 800. What are the credit sales for the year? A. $328 600 B. $331 600 C. $334 600 D. $382 200 Answer: C
Ọ dị na ngwa Green Bridge
Budata ngwa Green Bridge CBT na ekwentị maọbụ kọmputa gị iji nweta akwụkwọ ndụmọdụ zuru oke, ajụjụ mmụta, na ndị ọzọ.
Ọ dị na ngwa Green Bridge
Budata ngwa Green Bridge CBT na ekwentị maọbụ kọmputa gị iji nweta akwụkwọ ndụmọdụ zuru oke, ajụjụ mmụta, na ndị ọzọ.
Àwọn Ìwé Tó Dáa Láti Kà
Meecha Ajụjụ Ule Ọmarịcha
Ị chọrọ ime ajụjụ ule ọmarịcha gbasara Incomplete Records? Budata ngwa Green Bridge CBT iji nweta ajụjụ ule ọmarịcha na nyocha zuru ezu gbasara isiokwu a.
Dawunlodi Ẹpp naa lori Google Playstore.
Ihe nile ichoro iji nwee ihe ịga nke ọma na JAMB, WAEC & NECO.
