Archive about 'Incomplete Records'

Learn the approach on how to deal with incomplete records accounting test questions

Tweet We need to at least learn the standard method to deal with incomplete records accounting test question which are summarized as follows: First establish the opening balance sheet and the proprietor’s interest   Open up the normal four accounts: A  trade receivables account A trade payables account A cash book, with two columns if […]

Learn what are some of the advantages or benefits derived from using Single Entry System

Tweet Many consider the disadvantages of having single entry system of accounting, below are some practical points on the merits/benefits of having such “incomplete” system:- Simple to maintain even without any bookkeeping/accounting knowledge Flexible as it can be maintain based on the individual needs or requirements of the owner of the business Economical as it […]

Is it true that Single Entry System a separate system of bookkeeping?

Tweet The Single Entry System is NOT a separate system of bookkeeping but an INCOMPLETE form of double entry system. Also alternatively called accounting of transactions from incomplete records. Under this system, either one aspect of the transaction may be recorded or both aspects may be recorded or no record may be made of a […]

Accounting Quiz or Test Your Accounting Knowledge On Incomplete Records

Tweet Refresh or test your accounting knowledge on Incomplete Records: QUESTIONS:1.0    In the absence of a sales account or sales day book, how can a figure of sales for the year be computed 2.0    In the absence of a purchase account or purchases day book, how can a figure of purchases for the year be […]

List Of Topics Under The Heading Incomplete Records Or Single Entry Accounting

Tweet Click to the respective topic on Incomplete Records: Content Page On INCOMPLETE RECORDS ACCOUNTING 1.0 Single Entry Accounting and Its Disadvantages Learn what are some of the advantages or benefits derived from using Single Entry System Is it true that single entry  is a separate system of bookkeeping ? 2.0 Part 1: How to […]

Answer to Accounting Test No IR3 On Incomplete Records

Tweet The steps are:  (a)  from the question, inserts all the figures for both assets and liabilities and use the the capital at the end of financial year 2 to balance the Statement Of Affairs. (b)   after (a),use the simple formulae to compute the Net profit which is =(closing capital + drawings) minus (opening capital […]

Accounting Question Test Paper No.IR3 (With Answer) On Incomplete Records

Tweet The below question illustrates the preparation of a simple Statement Of Affair (all the assets and liabilities are given with the balancing figure of the capital) and using the net difference of closing and opening capital adjustments to compute the net profit:- Jim commenced business on 1 April Year 1 with $5,000 in the […]

ANSWER To Accounting Question No IR 2 On Incomplete Records

Tweet ANSWER To Accounting Question No IR 2 On Incomplete Records (a) Jim’s Statement Of Affairs as at 31 st December 2006 & 2007 2006 2007 $ $ Fixed Assets Premises 25,000 25,000 Machines(W1) 20,000 18,500 Less: Depreciation 8,000 12,000 9,250 9,250 37,000 34,250 Current Assets Stock-Raw Materials 6,900 7,790 Work-in-progress 5,300 4,600 Finished goods […]

Financial Accounting Test Paper (With Answer) No.IR 2 On Incomplete Records

Tweet   Financial Accounting Test Paper (With Answer) No.IR 2 On Incomplete Records Question: Jim did not keep a Ledger. He began trading on 1 January Year 2000 with business premises costing $25,000 and machines costing $20,000. At 31st December Year 2006 and 2007 his other assets and liabilities were summarized as follows:   31/12/06 […]

Accounting Test Question IR No.1 On Incomplete Records

Tweet Any change in capital structure will be influenced by any one or a combination of the following transactions, events or results: introduction of capital; drawings; and/or trading profits or losses. By using the accounting equation, and given the values of opening and closing capital together with drawings and the amounts of any capital introductions, […]