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Incomplete Record

The document discusses the challenges of preparing year-end accounts for businesses with incomplete records, detailing methods for calculating net profit and capital. It includes formulas for determining gross profit margins and mark-up percentages based on sales and costs. Additionally, it outlines procedures for tracking sales, purchases, expenses, and inventory losses.

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h2s.hninsu
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39 views6 pages

Incomplete Record

The document discusses the challenges of preparing year-end accounts for businesses with incomplete records, detailing methods for calculating net profit and capital. It includes formulas for determining gross profit margins and mark-up percentages based on sales and costs. Additionally, it outlines procedures for tracking sales, purchases, expenses, and inventory losses.

Uploaded by

h2s.hninsu
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Incomplete record

Incomplete records problems involve preparing a set of year end accounts


for a business which does not have a full set of accounting records.

Net profit
- Sale – Cost of sale = GP – OE + OI = NP

Net asset approach

Opening capital XXX


Additional capital contribution XXX
Net profit for the year/ (NL) XXX
Drawing (XXX)
Closing capital XXX

Sale
- Cash sale (Cash book )
- Credit sale ( receivable account)
- Receivable account

Bal b/d (main) XXX


Credit sale XXX Sale return XXX
Cash refund XXX Discount allowed XXX
Dishonored cheques XXX Cash received XXX
Bad Debt XXX
Contra XXX
XXX Bal c/d (main) XXX

1
Purchase
- Cash ( cash book)
- Credit (payable )

Payable account

Bal b/d XXX


Purchase return XXX Credit Purchase XXX
Cash paid XXX
Discount received XXX
Contra XXX
Bal c/d XXX

Expenses

Dr $000 Cr $000
Bal b/d (Prepaidက ြိုတင်ပ ေး) XXX Bal b/d (Accrued ပ ေးရန်) XXX

+stock balance
Cash paid (ပ ေးပငွေ) XXX
Transfer to POL XXX

C/d (Accrued ပ ေးရန်) XXX Bal c/d XXX

(Prepaidက ြိုတင်ပ ေး)+stock

bal

2
Income
Dr $000 Cr $000
Bal b/d (Accrued ရရန်) XXX Bal b/d (Prepaidက ြိုတင်ရ) XXX
Transfer to POL XXX Cash received (ပ ေးရ) XXX

Bal c/d (Prepaidက ြိုတင်ရ) XXX C/d (Accrued ရရန်) XXX

3
Mark-Up Percentage
Means gross profit as a percentage of COST! Therefore if you know the cost
of the goods you can work out profit using the mark-up percentage.
ကုန်ကျစရိတ်ပ ေါမှာ အမမတ်တင်တှာ

Formula:
x100
𝑮𝒓𝒐𝒔𝒔 𝒑𝒓𝒐𝒇𝒊𝒕
𝑪𝒐𝒔𝒕 𝒐𝒇 𝒔𝒂𝒍𝒆

Mark-up 25%
Sale 125
Cost of sale 100
Gross profit 25

Margin Percentage
Means gross profit as a percentage of SALE! Therefore if you know the sale
price of the goods you can work out profit using the margin percentage.

Formula:
x100
𝑮𝒓𝒐𝒔𝒔 𝒑𝒓𝒐𝒇𝒊𝒕
𝑺𝒂𝒍𝒆

4
အရ ောင်းကအ
ို ရ ြေြေံပ ်းအ ြတကတ
ို ွကတော
Margin 30%
Sale 100
Cost of sale 70
Gross profit 30

Summary

Mark-up --------------ကုန်ကျစရိတ်ပ ေါ် အပမြေြေံပ ြီးတွက်

Margin ----------------အပရှာင်ြီးပ ေါ်အပမြေြေံပ ြီးတက


ွ တ
် ှာ

How to find inventory loss

Inventory lost

Balance as per book (before lost) XXX စော င်းအ လကကျန

Balance as per Actual (after lost) XXX အြှနတကယကျနတလ


ဲ့ ကကျန

5
Inventory loss XXX ဆံို်းရံ်းသွော်းတဲ့ ြောဏ

OR
Cost of sale (before lost) XXX စော င်းအ လကကျန

Cost of sale (after lost) XXX အြှနတကယကျနတလ


ဲ့ ကကျန

Inventory loss XXX ဆံို်းရံ်းသွော်းတဲ့ ြောဏ

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