CXC CSEC Principles of Accounts (POA) exam guide: Section 8: Incomplete Records
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CXC CSEC Principles of Accounts Exam Guide Section 8: INCOMPLETE RECORDS |
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SPECIFIC OBJECTIVES The students should be able to: |
CONTENT
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| 1. | State the meaning and limitations of single entry records; | State the meaning and limitations of single entry recording.
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| 2. | Prepare opening and closing statement of affairs from incomplete records; | Preparation of the opening and closing statement of affairs from incomplete records.
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| 3. | Convert from single entry recording to double entry recording;
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Calculation of missing amounts such as: sales, expenses, depreciation, and drawings. |
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Calculate missing figures in Trading and Profit and Loss Accounts;
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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. |
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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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