SINGLE ENTRY AND INCOMPLETE RECORDS : LSUS
Financial Accounting SSS2 Third Term
WEEK – ONE - THREE
SINGLE ENTRY AND INCOMPLETE RECORDS
TOPIC: SINGLE ENTRY AND INCOMPLETE RECORDS
CONTENT: (i) Introduction (ii) Steps Involved in preparing a P&L A/C and Balance Sheet from Incomplete Records (iii) Example
Most businesses keep records of receipts and payments. The records may consist of bank paying – in – book counterfoils, cheque book counterfoils and bank statements in addition to supplies invoices and copies of sales invoices. From these records it may be possible to prepare a P&L A/C and Balance Sheet.
ii STEPS INVOLVED IN PREPARING A P&L A/C AND BALANCE SHEET FROM INCOMPLETE RECORDS; - The necessary steps are as follows: -
Step 1: Preparing an opening statement of affairs (so as to obtain opening capital)
Step 2:.... View More
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