Posts Tagged ‘single entry system’

dineshbakshi.com has recently been updated with revision notes on Incomplete records. These notes cover the following learning objectives:

• prepare opening and closing statements of affairs;
• calculate net profit or loss from changes in capital over time;
• calculate sales, purchases, gross profit, debtors (trade receivables) and creditors (trade payables) and other figures from incomplete information;
• prepare income statements (trading and profit and loss accounts) and balance sheets;
• make adjustments to financial statements (final accounts)
• apply the techniques of mark-up, margin and stock (inventory) turnover to arrive at missing figures.

Click here to goto these notes