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… Read More »ACCOUNTS FOR NOT-FOR-PROFIT ORGANIZATIONS LEARNING OBJECTIVES
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… Read More »SINGLE ENTRY 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… Read More »ACCOUNTING RATIOS AND INCOMPLETE RECORDS
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… Read More »ADMISSION OF NEW PARTNER AND RETIREMENT OF AN EXISTING PARTNER IN CONTINUING BUSINESS
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… Read More »GOODWILL