Accounts from Incomplete Records
Understand how to find out Profit or Loss with Accounts from Incomplete Records
Welcome to the course Accounts from Incomplete Records.
We have to digest a fact that not all business concerns records their financial transactions using Double Entry System of Book Keeping.
Yes! Business concerns who don't have systematic approach for book keeping will have only partial records. However, they should also know what is their Profit of Loss position. In such cases, we can find out the Profit or Loss using Single Entry System . This method is not a scientific / valid method. But, in the absence of information, some how we have to find Profit / Loss and this method will help us.
Accounts from Incomplete Records means only Personal and Cash Accounts are maintained and Real and Nominal Accounts were not maintained. It means, all the business transactions are not recorded in the books.
We can arrive at the profits using Net Worth Method or Conversion Method and all these are discussed in this course.
This course is structured in self paced learning style.
Video lectures are used for explaining the concepts.
Welcome to this course once again!
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