Single Entry System 2
At the end of this lesson, the students should be able to understand Single Entry System
Single Entry (incomplete Records)
Explain single entry (incomplete records)
Identify the limitations of single entry or in complete records.
Convert single entry to double entry.
Prepare statement of affairs.
Determine capital and profit.
Receipts and payment accounts, income and expenditure Accounts
Explain the following terminologies
* surplus
* Deficit
* Subscription
* Accumulated funds
* Receipts
* payment
* Income
* Expenditure
* Subscription in Arrears
* subscription in advance.
Distinguish
* income and expenditure.
* Receipt and payments.
Prepare
* Receipts and payment accounts.
4Prepare a balance sheet.
Manufacturing Account
At the end of this lesson, the students should be able to understand Manufacturing Account
Partnership Account
At the end of this lesson, the students should be able to understand Partnership Account
Appropriation Account
At the end of this lesson, the students should be able to understand Appropriation Account
Inherent Goodwill
At the end of the lesson, the student should be able to understand Inherent Goodwill
Purchase Goodwill
At the end of the lesson, the student should be able to understand Purchase Goodwill
Goodwill
Determine a new profit sharing ratio.
Raise goodwill account in the partners book.
Prepare a new partnership account.
Manufacturing Account (II)
Explain the following
* Prime cost
* Direct/indirect labour
* overhead (works, indirect expenses)
* work in Progress.
* Cost of Production.
Identify the items that make up the manufacturing account to trading accounts.
Prepare manufacturing accounts
Relates manufacturing account to trading account.
Prepare a balance sheet.
Preparation of Accounts: Partnership Capital Account
Understanding preparation of Accounts: Partnership Capital Account – Manufacturing and Patnership Account
Kinds of Partnership and Types of Partners: Partnership Capital Account
Understanding kinds of Partnership and types of Partners: Partnership Capital Account – Manufacturing and Partnership Account
Final Account of a Partnership
define partnership
prepare capital account
identify capital account
identify different types of capital.
Admission of a new partner and Goodwill Account.
Determine a new profit sharing ratio.
Raise goodwill account in the partners book.
Prepare a new partnership account.
Current Account
Determines partners current account balances
Prepare current account.
Partnership Capital Account
define partnership
prepare capital account
identify capital account
identify different types of capital.
Profit and Loss Appropriation
Determine net profit
Determine partner’s share of profit
Manufacturing Account (I)
Explain the following
* Prime cost
* Direct/indirect labour
* overhead (works, indirect expenses)
* work in Progress.
* Cost of Production.
Identify the items that make up the manufacturing account to trading accounts.
Prepare manufacturing accounts
Relates manufacturing account to trading account.
Prepare a balance sheet.
Depreciation Of Assets
At the end of this lesson, the students should be able to understand the Depreciation Of Assets
Method of preparing a depreciation account: Depreciation Of Assets
At the end of this lesson, the students should be able to understand the Depreciation Of Assets