ACCOUNTANCY 6 – COMPANY ACCOUNT 1.4
DR REDEEMABLE DEBENTURES ACCOUNT CR1st yearDeb.Redemption300015,00031.12.90Bal.c/d12,00015,00015,000Balance b/d12,000 DR DISCOUNT ON ISSUE DEBENTURE ACCOUNT CRDeb.Appl.&Allot75031.12.90P & L250Bal. c/d500750750 DR DEBENTURE REDEMPTION ACCOUNT CR311.2.91cash3000Reedemable Deb.300030003000Discount on deb.
ACCOUNTANCY A LEVEL(FORM SIX) NOTES – COMPANY ACCOUNT 1.1
COMPANY ACCOUNT 1.1What is a company?It is a voluntary association of persons formed to carry out some business for profit , with capital divisible into
ACCOUNTANCY A LEVEL(FORM SIX) NOTES – COMPANY ACCOUNT 1.7
COST CLASSIFICATIONCost may be classified under three categories;i.) Fixed and variable costii.) Direct and indirect costiii.) Cost classification by functionFIXED AND VARIABLE COST. (FIXED COST)FIXED
ACCOUNTANCY A LEVEL(FORM SIX) NOTES – COMPANY ACCOUNT 1.6
(iv) Insurance Policy method:-Instead of investing the sum in securities, the same is paid by way of an Insurance premium to an Insurance company which
ACCOUNTANCY A LEVEL(FORM SIX) NOTES – STOCK VALUATION
STOCK VALUATIONConcept;Stock/inventoryThe Tanzania statement of Accounting Guidelines No 2 which deals with the valuation of inventories in the context of the historical cost system states
ACCOUNTANCY A LEVEL(FORM SIX) NOTES – PARTNERSHIP (CONTRACT).(4)
PARTNERSHIP (CONTRACT).Death of a partner:From the Accountancy point of view, the only difference between retirement and the death of the partner is that in the
ACCOUNTANCY 6 – COMPANY ACCOUNT 1.2
DR APPLICATION & ALLOTMENT CRBank(refund)80,000Bank(applied money)380,000ordinary share capital(10+5)x2500)375,000Bank(allot money)325,000premium share(10×25,000)250,000705,000705,000 DR ORDINARY SHARE ACCOUNT CRBalance c/d1,250,0001st call375,000Application &allotment375,0002nd call500,0001,250,0001,250,000Balance b/d1,250,000 DR 2ND CALL ACCOUNT CRordinary
ACCOUNTANCY A LEVEL(FORM SIX) NOTES – WEAKNESS OF ESTIMATION METHOD
WEAKNESS OF ESTIMATION METHODThe stock estimation technique covered has assumed that the gross profit margin is stable in the period of estimation.They also assume that
ACCOUNTANCY A LEVEL(FORM SIX) NOTES – RETIREMENT OF A PARTNER:(3)
RETIREMENT OF A PARTNER:We have discussed the accountancy problems that arise on admission of a new partner.In this character, we shall look at the problems
ACCOUNTANCY A LEVEL(FORM SIX) NOTES – PAYROLL ACCOUNTING/EMPLOYEES PAY(5)
PAYROLL ACCOUNTING/EMPLOYEES PAYAll business entities have to pay employee’s for the services. An employee is the one who perform services, subject to the supervision and
ACCOUNTANCY A LEVEL(FORM SIX) NOTES – MODE OF PAYMENT(2)
MODE OF PAYMENT(i) Cash paid to all partners outside the business or paid privately(ii) Cash paid through the firm or business, such cash may be(a)
ACCOUNTANCY A LEVEL(FORM SIX) NOTES – COMPANY ACCOUNT 1.5
TRUSTEEThe Debenture Deed will appoint a trustee for the debenture holders whose work is to safe guard the interest of the debenture holders. On the
ACCOUNTANCY A LEVEL(FORM SIX) NOTES – STATEMENT OF PROFIT OR LOSS ON CONTAINER
STATEMENT OF PROFIT OR LOSS ON CONTAINER Hiring charge(charge out price -credit back price) x containers sent xxxAdd; profit on containers retained;(credit back – valuation)
ACCOUNTANCY A LEVEL(FORM SIX) NOTES – CONTAINER ACCOUNTS
CONTAINER ACCOUNTSCONTAINER ACCOUNTSWhat is a container?Container is anything in which goods are contained.Container is used in parking goods. Examples are the cigarette packets, bottles, crates,
ACCOUNTANCY 6 – COMPANY ACCOUNT 1.3
TRUSTEEThe Debenture Deed will appoint a trustee for the debenture holders whose work is to safe guard the interest of the debenture holders. On the
ACCOUNTANCY A LEVEL(FORM SIX) NOTES – PARTNERSHIP ACCOUNTING(1)
PARTNERSHIP ACCOUNTING A. PARTNERSHIPWHAT IS IT?Is a relationship between persons who have agreed to share profit and loss of the business carried by all with