Financial Accounting

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 …

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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 …

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ACCOUNTING RATIOS AND INCOMPLETE RECORDS

Under a situation whereby a firm or business accounting records were destroyed as a result of fire, flood or any other forms of natural disasters, such firm or business could still prepare its final account despite the facts that the information available will be very inadequate. In order to prepare the final accounts under such …

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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 …

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GOODWILL

Goodwill is the amount by which the value of a business as a going concern exceeds the value of its net assets, if they were sold separately. It is an intangible asset because it cannot be touched or seen physically. Goodwill may not be shown in the balance sheet for reasons that will be explained …

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ISSUE OF SHARES

Definition of Shares Shares can be defined as units of capital of ownership of a limited company. It is an ownership right in a company. A company cannot commence business until it raises capital by selling shares to the public for subscription. CLASSES OF SHARES There are three classes of shares in a limited liability …

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THE FINAL ACCOUNTS OF LIMITED LIABILITY COMPANIES

Format of Trading Profit & Loss Account Trading Profit & Loss account for the year ended 31/12/9x Opening Stock x Stock x Add purchases x Less return inward x Less return outward x x Gross loss x Cost of goods available x Less closing stock x Cost of sales x Gross profit c/d x X …

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COMPANY ACCOUNTS

A Company is a business owned, managed, controlled and financed by association of people which possess legal entity with the usual motive of maximizing owners’ wealth. KIND OF COMPANIES There are three kinds of companies. They are: Company Limited by Share: This is a company whose owners liabilities is limited to the value of share …

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DISSOLUTION OF PARTNERSHIP

Meaning To dissolve a partnership means to bring an existing partnership business to an end. This entails selling the assets of the business, paying its creditors and other liabilities and sharing the balance of cash left between or among the partners in the agreed ratio. Reasons for Dissolution Any of the following reasons can lead …

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ADMISSION OF PARTNERS, GOODWILL AND REVALUATION OF ASSETS

ADMISSION OF NEW PARTNERS This occurs when a new partner is admitted into an existing partnership business. The reasons for such admission usually are: expiration of old partnership agreement, to inject in more fund, bring in a specialist, death of an old partner, etc. However, it will be unfair to the existing partners for a …

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FINAL ACCOUNTS OF A PARTNERSHIP BUSINESS

PROFIT AND LOSS APPROPRIATION ACCOUNT OF A PARTNERSHIP This, as the name implies, is the account where either the profit or loss of the partnership business is shared between or among the partners as stipulated in the partnership agreement. The profit and loss appropriation account marks the beginning of the difference between the final accounts …

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PARTNERSHIP ACCOUNTS

PARTNERSHIP can be defined as the relationship which exists between two or more persons who are carrying on business in common with a view to making profit. The rules governing the conduct of a partnership business is contained in the document known as the Deed of Partnership or Articles of Partnership or Partnership Agreement. …

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ACCOUNTING SSS 3 SCHEME OF WORK

ACCOUNTING (ACC) SSS 3- FIRST TERM Company Accounts and the Regulation of the Nigerian Capital Market – Final Accounts – Regulation of the capital Market Commercial Accounting – Hire Purchase and Installment Payment Account – Consignment Account – Joint Venture Account – Contract Account ACCOUNTING (ACC) SSS 3- SECOND TERM Commercial Accounting Department and …

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SCHEME OF WORK FOR ACCOUNTING SSS 1

ACCOUNTING SS 1- FISRT TERM Introduction and Historical Development of Booking-Keeping Accounting 1. Book Keeping and Accounting 2. Ethics of Accounting Principles and Concepts of Accounting 3. Principles of Double Entry 4. Accounting Concepts Journals and Cash Account 5. General Journal 6. Analytical Cash Book ACCOUNTING SS 1- SECOND TERM Journals and Cash Account …

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