Embed Size (px)
Citation preview
Accounts from Incomplete Records Contents
Incomplete Records
Accounting records, which are not strictly kept according to double entry system are known……
Features of Incomplete Records
In complete records may be due to partial recording of transactions as is the......,
Limitations of Incomplete Records
The mechanism of incomplete records suffers from a number of limitations. This is due to the basic.......
Ascertainment of Profit and Loss
To ascertain the exact profit or loss from the incomplete records is a difficult task.........,
Date
2006
Particulars Amt.
Rs.
Date
2006
Particulars Amt
Rs.
Jan 1
Jan 5
Jan 8
To Bal b/d
To Ram
To Sales
12,000
3,000
Jan 7
Jan 10
Jan 31
By Rent
By Shyam
By Bal C/d
300
17,000
22, 000 22,000
????
????
Incomplete
Accounts from Incomplete Records Incomplete records
Unsystematic
Improper Recording of assts, Revenue etc.
Personal Transactions
Lack of Uniformity
In accurate Profit
Over dependence of Original Vouchers
Accounts from Incomplete Records
Features of Incomplete records
Click on the points
Features of Incomplete Records Unsystematic
Incomplete records is an unsystematic method of recording transactions.
Features of Incomplete Records
Improper Recording of assts, Revenue etc.
Generally, records for cash transactions and personal accounts are properly maintained and there is no information regarding revenue and/ or gains, expenses and/or losses, assets and liabilities.
Features of Incomplete Records Personal Transactions
Under this system of accounting, Personal transactions of owners may also be recorded in the cash book.
Features of Incomplete Records Lack of Uniformity
Different organisations maintain records according to their convenience and needs, and their accounts are not comparable due to lack of uniformity.
Features of Incomplete Records In accurate Profit
To ascertain profit or loss or for obtaining any other information, necessary figures can be collected only from the original vouchers suchas sales invoice or purchase invoice, etc.
The profit or loss for the year cannot be ascertained under this system with high degree of accuracy as only an estimate of the profit earned or loss incurred can be made.
Features of Incomplete Records
Over dependence of Original Vouchers
Accounts from Incomplete Records
Limitations of Incomplete records
Accounts from Incomplete Records
Ascertainment of Profit and Loss
Liabilities Amount
Rs.Assets Amount
Rs.
Bills payableCreditorsOutstanding expensesCapital (balancing figure)*
Land and BuildingMachineryFurnitureStockDebtorsCash and BankPrepaid expensesCapital (balancing figure)*
xxx x xxxx
