Accounting (9-1) - 0985 CIE

Incomplete Records

Akopọ

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.

Awọn Afojusun

  1. why businesses keep different types of accounting records rather than using the full double entry system.
  2. the advantages and disadvantages of not maintaining a full set of accounting records.
  3. how to prepare opening and closing statements of affairs.
  4. how to calculate profit or loss for the year from changes in capital over time.
  5. how to calculate sales, purchases, gross profit, trade receivables and trade payables and other figures from incomplete information.
  6. how to prepare statements of profit or loss and statements of financial position from incomplete records.
  7. how to make adjustments to financial statements as detailed in 5.1 (sole traders).
  8. how to apply the techniques of mark-up, margin and inventory turnover to arrive at missing figures.

Ẹ̀kọ́ Ohùn

Gbọ́ ẹ̀kọ́ yìí nínú áàpù

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Káàdì ìrántí

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Akọ̀wé Ẹ̀kọ́

Double entry is reliable but it takes time and skill, so many small businesses do not keep full records. They may record cash in and out but never write up a ledger. The advantage is simplicity and low cost; the drawbacks are real, because without ledgers there are no control accounts to catch errors, no easy way to know the profit, and a far greater risk of fraud or mistakes going unnoticed. The accountant's job is to fill the gaps and produce statements the owner and the tax authority can trust.

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Ìdánwò Ẹ̀kọ́

Oriire fun ipari ẹkọ lori Incomplete Records. Ni bayi ti o ti ṣawari naa awọn imọran bọtini ati awọn imọran, o to akoko lati fi imọ rẹ si idanwo. Ẹka yii nfunni ni ọpọlọpọ awọn adaṣe awọn ibeere ti a ṣe lati fun oye rẹ lokun ati ṣe iranlọwọ fun ọ lati ṣe iwọn oye ohun elo naa.

Iwọ yoo pade adalu awọn iru ibeere, pẹlu awọn ibeere olumulo pupọ, awọn ibeere idahun kukuru, ati awọn ibeere iwe kikọ. Gbogbo ibeere kọọkan ni a ṣe pẹlu iṣaro lati ṣe ayẹwo awọn ẹya oriṣiriṣi ti imọ rẹ ati awọn ogbon ironu pataki.

Lo ise abala yii gege bi anfaani lati mu oye re lori koko-ọrọ naa lagbara ati lati ṣe idanimọ eyikeyi agbegbe ti o le nilo afikun ikẹkọ. Maṣe jẹ ki awọn italaya eyikeyi ti o ba pade da ọ lójú; dipo, wo wọn gẹgẹ bi awọn anfaani fun idagbasoke ati ilọsiwaju.

  1. 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
  2. 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
  3. 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
  4. A trader has a mark-up of 25%. What is the equivalent margin? A. 15% B. 20% C. 25% D. 33.33% Answer: B
  5. 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

Ṣiṣẹ́ lórí àwọn ìbéèrè wọ̀nyí nínú ohun èlò náà

Ṣiṣẹ́ lórí àwọn ìbéèrè wọ̀nyí nínú ohun èlò náà

Awọn Iwe Itọsọna Ti a Gba Nimọran

Cambridge IGCSE and O Level Accounting Coursebook
Cambridge IGCSE and O Level Accounting Coursebook
Atunkọ: Second edition
Olùtẹ̀jáde: Cambridge University Press
Odún: 2018
ISBN: 978-1-316-50277-8
Apejuwe: Endorsed coursebook with full coverage of the 0452/0985 syllabus, worked examples and exam-style questions.
Cambridge IGCSE and O Level Accounting
Cambridge IGCSE and O Level Accounting
Atunkọ: Second edition
Olùtẹ̀jáde: Hodder Education
Odún: 2018
ISBN: 978-1-5104-2121-9
Apejuwe: Endorsed textbook covering the syllabus content with worked examples, source documents and practice questions.

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Ṣe o fẹ ṣe adaṣe awọn ibeere idanwo adaṣe nipa Incomplete Records? Ṣe igbasilẹ ohun elo Green Bridge CBT lati wọle si awọn ibeere idanwo adaṣe ati awọn ayẹwo adaṣe kikun fun koko-ọrọ yii.

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