Financial Statements of Sole Proprietorship

by
Course Description

Financial Statements of Sole Proprietorship
 Financial Statements:
 Objective
 Importance
 Profit and loss account:
 Gross profit
 Operating profit
 Net profit
 Balance Sheet:
 Need
 Grouping
 Marshalling of Assets
 Liabilities
Adjustments in preparation of financial statements:
 With respect to closing stock
 Outstanding expenses
 Prepaid expenses
 Accrued income
 Income received in advance
 Depreciation
 Bad debts
 Provision for doubtful debts
 Provision for discount on debtors
 Manager’s commission
 Abnormal loss
 Goods taken for personal use
 Goods distributed as free samples
 Preparation of Trading and Profit and Loss Account and Balance Sheet of sole
proprietorship
 Incomplete records:
 Use and limitations
 Ascertainment of profit/loss by statement of affairs method

What Are The Requirements?
What will I learn?
Course Curriculum
  • -
  • Number of lessons : 0
  • Last Updated : 24/05/2022
  • 0 Students Enrolled
Course Preview