CXC CSEC Principles of Accounts (POA) exam guide: Section 8: Incomplete Records



CXC CSEC Principles of Accounts Exam guide: Section 8: INCOMPLETE RECORDS

CXC CSEC Principles of Accounts Exam Guide

Section 8: INCOMPLETE RECORDS

SPECIFIC OBJECTIVES

The students should be able to:

CONTENT
1. State the meaning and limitations of single entry records; State the meaning and limitations of single entry recording.

2. Prepare opening and closing statement of affairs from incomplete records; Preparation of the opening and closing statement of affairs from incomplete records.

3. Convert from single entry recording to double entry recording;

Calculation of missing amounts such as:

sales,

expenses,

depreciation,

and drawings.

 

4.

Calculate missing figures in Trading and Profit and Loss Accounts;

The use of,

(i)mark-up,

(ii) margin and

(iii) stock turnover to find missing accounts, such as,

(a) purchases,

(b) sales, and

(c) gross profit.

5.

Prepare final accounts from incomplete records.

 

Preparation of,

(1)Trading,

(2) Profit and Loss Account, and

(3) Balance Sheet

from incomplete records.


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keishiie (not verified)
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I kinda like this subject

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