Accounting Basics

Topic 3-1: Sole Trader Financial Statements

This guide explains the key financial statements for sole traders: the Statement of Profit or Loss and the Statement of Financial Position. Learn how to calculate gross and net profit, understand assets and liabilities, and handle year-end adjustments like accruals and provisions. Perfect for exam preparation or managing your own business finances!

Topic 3-2: Departmental & Incomplete Records

This tutorial covers how to prepare departmental records and manage incomplete accounting records. Learn to create departmental Statements of Profit or Loss, allocate expenses, and handle inventory transfers. Additionally, discover how to use a Statement of Affairs, ratios, and control accounts to rebuild financial data when records are incomplete.

Topic 3-3: Accounting For Partnerships

Learn everything about partnership accounting in this comprehensive guide. Understand how to manage capital contributions, allocate goodwill, and distribute profits among partners. Explore how changes like admitting new partners or retiring existing ones affect the financial structure. Get practical insights to navigate partnership finances with confidence.

Topic 3-4: Non Profit Organisation

Clubs (Coming Soon)

This tutorial covers how to prepare departmental records and manage incomplete accounting records. Learn to create departmental Statements of Profit or Loss, allocate expenses, and handle inventory transfers. Additionally, discover how to use a Statement of Affairs, ratios, and control accounts to rebuild financial data when records are incomplete.

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Accounting Basics

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