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

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… Read More »ISSUE OF SHARES

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… Read More »THE FINAL ACCOUNTS OF LIMITED LIABILITY COMPANIES

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… Read More »COMPANY ACCOUNTS

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… Read More »DISSOLUTION OF PARTNERSHIP

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… Read More »ADMISSION OF PARTNERS, GOODWILL AND REVALUATION OF ASSETS

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… Read More »FINAL ACCOUNTS OF A PARTNERSHIP BUSINESS

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… Read More »PARTNERSHIP ACCOUNTS