Accountancy Accountancy As Level(Form Five) Accountancy Notes Form Five (As Level)

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/c CR: Depreciation Fund a/cNote: The amount to be charged by

Accountancy Accountancy A Level(Form Six) Accountancy Notes Form Six (A Level)

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 Accountancy As Level(Form Five) Accountancy Notes Form Five (As Level)

ACCOUNTANCY As LEVEL(FORM FIVE) NOTES – THE NATURE AND CONTEXT OF ACCOUNTANCY(1)

THE NATURE AND CONTEXT OF ACCOUNTANCYBrief history of Accounting:-Early references to the subject of accounting may be found in the works of certain ancient oriental

Accountancy Accountancy A Level(Form Six) Accountancy Notes Form Six (A Level)

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 Accountancy A Level(Form Six) Accountancy Notes Form Six (A Level)

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 Accountancy A Level(Form Six) Accountancy Notes Form Six (A Level)

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 Accountancy As Level(Form Five) Accountancy Notes Form Five (As Level) History Notes

ACCOUNTANCY ACCOUNTANCY As LEVEL(FORM FIVE) NOTES – CORRECTION OF ACCOUNTING ERRORS

CORRECTION OF ACCOUNTING ERRORSINTRODUCTIONError-MistakeRectification-CorrectionErrors may occur1.While the transactions are initially recorded.2.While the ledge account are being recorded.3.While the trial balance is bean prepared.CLASSIFICATION OF ERRORS1.Arithmetical

Accountancy Accountancy A Level(Form Six) Accountancy Notes Form Six (A Level)

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