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 6 – COMPANY ACCOUNT 1.4
DR REDEEMABLE DEBENTURES ACCOUNT CR1st yearDeb. Redemption3,00015,00031.12.90Bal. c/d12,00015,00015,000Balance b/d12,000DR DISCOUNT ON ISSUE DEBENTURE ACCOUNT CRDeb. Appl. & Allot75031.12.90P & L250Bal. c/d500750750DR DEBENTURE REDEMPTION ACCOUNT CR31.12.91Cash3,000Redeemable
ACCOUNTANCY 6 – COMPANY ACCOUNT 1.2
DR APPLICATION & ALLOTMENT CRBank (refund)80,000Bank (applied money)380,000Ordinary share capital (10+5) x 25,000375,000Bank (allot money)325,000Premium share (10 x 25,000)250,000705,000705,000DR ORDINARY SHARE ACCOUNT CRBalance c/d1,250,0001st call375,000Application
ACCOUNTANCY A LEVEL(FORM SIX) NOTES – COMPANY ACCOUNT 1.7
COST CLASSIFICATIONCosts may be classified under three main categories:Fixed and variable costsDirect and indirect costsCost classification by functionFIXED AND VARIABLE COSTFixed CostFixed cost is the
ACCOUNTANCY As LEVEL(FORM FIVE) NOTES – THE NATURE AND CONTEXT OF ACCOUNTANCY(1)
THE NATURE AND CONTEXT OF ACCOUNTANCYBrief History of AccountingEarly references to accounting can be found in the works of certain ancient oriental writers. However, the