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 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 – 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 ACCOUNTANCY As LEVEL(FORM FIVE) NOTES – CORRECTION OF ACCOUNTING ERRORS
CORRECTION OF ACCOUNTING ERRORSINTRODUCTIONAn error is a mistake, while rectification means correction. Errors may occur at various stages in the accounting process, including:When transactions are
ACCOUNTANCY As LEVEL(FORM FIVE) NOTES – ACCOUNTING ENTRIES
ACCOUNTING ENTRIES1. On setting aside the amount of depreciation:DR: Depreciation a/c or P+L a/cCR: Depreciation Fund a/cNote: The amount to be charged by way of
ACCOUNTANCY A LEVEL(FORM SIX) NOTES – STATEMENT OF PROFIT OR LOSS ON CONTAINER
STATEMENT OF PROFIT OR LOSS ON CONTAINERHiring charge (charge out price – credit back price) x containers sentxxxAdd: profit on containers retained (credit back –
ACCOUNTANCY A LEVEL(FORM SIX) NOTES – WEAKNESS OF ESTIMATION METHOD
Weakness of Estimation MethodThe stock estimation technique assumes that the gross profit margin remains stable during the period of estimation.It also assumes that the closing
ACCOUNTANCY As LEVEL(FORM FIVE) NOTES – ACCOUNTING ENTRIES(3)
ACCOUNTING ENTRIES1. On setting aside the amount of depreciation; DR: Depreciation a/c or P+L a/c CR: Depreciation Fund a/cNote: The amount to be charged by