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Erstellt von umer.sabir
vor etwa 10 Jahre
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Frage | Antworten |
Why do businesses have incomplete records? | 1. Usually sole traders of partnerships because they don't have either the time, expertise or money. |
Advantages of keeping incomplete records? | 1. Simple and easy to do for businesses that don't have financial expertise. 2. Don't require an accountant 3. Don't need expensive accounting software |
How can you use statement of affairs to calculate capital? | Assets - Liabilities = Capital |
How can you calculate profit/loss using statement of affairs? | Closing capital - Opening capital = Profit/loss (after drawings) You can find net profit before drawings by simply adding drawings on. |
Disadvantages of calculating profit/loss using statement of affairs | 1. Not detailed enough for VAT or tax purposes 2. Not enough information for management purposes |
Layout of cash account |
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CASH.JPG (image/JPG)
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Layout of a sales ledger control account |
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slca.JPG (image/JPG)
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Layout of purchase ledger control account |
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plca.JPG (image/JPG)
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How to calculate stock losses | Opening stock + Purchases =Cost of stock available Sales - Gross profit (using margin) = Cost of sales Cost of stock available - Cost of sales = Expected closing stock - Actual closing stock =Value of stock lost or stolen |
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