RECORDS

RECORDS . Introduction . Meaning of incomplete records . Features of incomplete records . Limitations of incomplete records . Differences between double entry system and incomplete records . Accounts from incomplete records . Ascertaining profit or loss from incomplete records through statement of affairs . Preparation of final accounts from incomplete records To enable the students to  Understand the features and limitations of incomplete records  Prepare statement of affairs and calculate profit or loss from incomplete records  Prepare final accounts from incomplete records Contents Learning objectives  Incomplete records  Statement of affairs  Total debtors account  Total creditors account Key terms to know