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27 Aug, 08:56
2a. The single entry method of bookkeeping is a simple and basic system for recording financial @waecdito transactions. In this method, each transaction is recorded only once, either as an income or an expense, or as an asset or a liability.
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27 Aug, 08:56
2b
(i) Incomplete Books of Accounts:
1. *Identify available records*: Gather all available financial records, such as bank statements, invoices, receipts, and payment vouchers.
2. *Prepare a statement of affairs*: Create a statement of affairs to estimate the financial position of the business. This includes listing assets, liabilities, and capital (owner's equity).
3. *Estimate missing figures*: Estimate missing figures based on available records, industry benchmarks, or previous years' data.
4. *Prepare a profit and loss account*: Using estimated figures, prepare a profit and loss account to calculate profit or loss.
5. *Make adjustments*: Make necessary adjustments for omitted or incorrect entries.
*(ii) Complete Set of Books of Accounts:*
When a complete set of books of accounts is maintained, computing profit or loss is straightforward:
1. *Prepare a trial balance*: Ensure the debits and credits are equal by preparing a trial balance.@waecdito
2. *Prepare a profit and loss account*: Transfer relevant accounts from the trial balance to the profit and loss account.
3. *Calculate profit or loss*: Calculate profit or loss by surbtracting total expenses from total revenues...
(i) Incomplete Books of Accounts:
1. *Identify available records*: Gather all available financial records, such as bank statements, invoices, receipts, and payment vouchers.
2. *Prepare a statement of affairs*: Create a statement of affairs to estimate the financial position of the business. This includes listing assets, liabilities, and capital (owner's equity).
3. *Estimate missing figures*: Estimate missing figures based on available records, industry benchmarks, or previous years' data.
4. *Prepare a profit and loss account*: Using estimated figures, prepare a profit and loss account to calculate profit or loss.
5. *Make adjustments*: Make necessary adjustments for omitted or incorrect entries.
*(ii) Complete Set of Books of Accounts:*
When a complete set of books of accounts is maintained, computing profit or loss is straightforward:
1. *Prepare a trial balance*: Ensure the debits and credits are equal by preparing a trial balance.@waecdito
2. *Prepare a profit and loss account*: Transfer relevant accounts from the trial balance to the profit and loss account.
3. *Calculate profit or loss*: Calculate profit or loss by surbtracting total expenses from total revenues...
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