Accounting for incomplete records

The Balance Sheet called Statement of Affairs here can be prepared only with difficulty and that loo without sufficient accuracy. One thing more I must have drawn some money for private use.

accounts from incomplete records ppt

Personal account and cash account are usually maintained and hence the amount of sundry debtors, cash balance, bank balance and sundry creditors will be readily available. The amount of other assets can be ascertained only by physical inspection.

differences between single entry and incomplete records

How to Maintain Accounts from Incomplete Records? The more records you have, the more accurate the accounts are. Employees may deliberately obfuscate or never record certain transactionsso that they can abscond with company assets or record excessive levels of profitability.

Profit or loss Related Courses. Under this system, for certain transactions both the aspects are recorded while for others only one aspect is recorded.

Accounts are not maintained.

incomplete records exam questions and answers

All we need to do is set up a sales ledger total account see Figure 1. His position on 31st December, stood as follows: Cash in hand Rs. It means recording transactions not according to well defined rules but according to mere convenience.

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Accounting for Single entry and Incomplete records