BOOK KEEPING O LEVEL(FORM THREE) NOTES – MANUFACTURING ACCOUNT
MANUFACTURING ACCOUNTBusiness can be classified into two types: merchandising and manufacturing. Merchandising firms deal with buying and selling manufactured goods, while manufacturing firms process raw
BOOK KEEPING O LEVEL(FORM THREE) NOTES – CONTROL ACCOUNT
CONTROL ACCOUNTDue to their small number of business transactions small firms can operate effectively with one ledger. Large business firms have a large number of
BOOK KEEPING O LEVEL(FORM THREE) NOTES – ADJUSTMENT
ADJUSTMENTYEAR END ADJUSTMENT Principles of Book keeping requires that all transactions made should be recorded at the time made should be recorded at the time
BOOK KEEPING O LEVEL(FORM THREE) NOTES – DEPRECIATION OF FIXED ASSETS-1
DEPRECIATION OF FIXED ASSETS-1DEPRECIATIONDefinition.Depreciation is the decrease in value of assets or the fall in value of assets.What factors cause Depreciation?Physical deterioration or wear and
BOOK KEEPING O LEVEL(FORM THREE) NOTES – ACCOUNT OF NON –TRADING ORGANIZATION
ACCOUNT OF NON –TRADING ORGANIZATIONNON –TRADING ORGANIZATIONNon trading organizations are those organizations which their main purpose is not to make profit but to provide services
BOOK KEEPING O LEVEL(FORM THREE) NOTES – DEPRECIATION OF FIXED ASSETS-2
DEPRECIATION OF FIXED ASSETS-2THE PROVISION FOR DEPRECIATIONSPECIMEN QUESTIONOn 1st January 1998, a company purchased a motor van at a cost of Tshs 160,000. It was
BOOK KEEPING O LEVEL(FORM THREE) NOTES – PROVISIONS
PROVISIONSBAD DEBTS AND PROVISION FOR BAD DEBTS / PROVISION FOR DOUBTFUL DEBTSIf a firm finds it is impossible to collect a debt, that should be