SS 1 Financial Accounting (1st, 2nd & 3rd Term)

ACCOUNTS FOR NOT-FOR-PROFIT ORGANIZATIONS LEARNING OBJECTIVES

There are several organizations that are established and run for the purposes of meeting the social, cultural, health and , at times, educational needs of the citizens. Such organizations are not set-up for the purpose of making profits from their activities and are thus called not-for-profit organizations. Examples include government-owned hospitals, voluntary health and welfare […]

ACCOUNTS FOR NOT-FOR-PROFIT ORGANIZATIONS LEARNING OBJECTIVES Read More »

SINGLE ENTRY AND INCOMPLETE RECORDS

Introduction This topic is about how to prepare trading, profit and loss account under an incomplete record or single-entry accounting system. Meaning This is system of accounting of financial transactions that are recorded without conformity with the rule of double entry’. The records so prepared based on a single entry or one-leg entry by any

SINGLE ENTRY AND INCOMPLETE RECORDS Read More »

ADMISSION OF NEW PARTNER AND RETIREMENT OF AN EXISTING PARTNER IN CONTINUING BUSINESS

Partnership changes usually occur during a financial year and the accounting records are contrived without interruption. Final accounts are prepared at the end of the financial year. When a partner leaves the firm or a new partner joins, it marks the end of one partnership and the beginning of a new one. No records and

ADMISSION OF NEW PARTNER AND RETIREMENT OF AN EXISTING PARTNER IN CONTINUING BUSINESS Read More »