Accounting Concepts

Table of Content 1. Introduction2 2. Trading and earns and Loss levels and appropriation figure for the year terminate 31 March 20123 3. menstruation Account at 31 March 20124 4. Balance prostrate at 31 March20125 5. Eight basic Accounting concepts and conventions 5 6. controversy of references10 1. Introduction The fusion business jointly carrying on by you 2 fundament and Joe is a common design of business organisation. The briny statements of fusion are the trading and network and loss ciphers of the partnership, annexation number of each partner, Capital cast and current account of each partner. The accounts of the partnership should be nimble in unison with basic accounting concept and convention. In this report, I depart include a) A trading and profit and loss accounts and appropriation account of the John & Joe partnership for the year ended 31 Mar 2012 b) Current account for John and Joe at 31 March 2012 c) Balance sheet of John and Joe partnership as 31 March 2012. I will alike explain eight accounting concepts and conventions with simile to demonstrate these concepts. 2.

John and Joe Trading and Profit and Loss Account for family terminate 31 March 2012 | $| $| Sales (192,000-3,000)| | 189,000| Inventory as at 1 April 2011| 14,000| | Purchase| 128,000| | Inventory as at 31 March 2012| (13,600)| 128,400| Gross profit| | 60,600| Administrative expenses| 29,298| | indemnification (9,800-1,800 x 11/1 2) | 8,150| | Depreciation (40,000 x 10%)|! 4,000| | toughened debt | 600| | cooking for doubtful debts (W1)| 436| | Provision for depreciation Office Equipment| 7,600| 50,084| utmost Profit| | 10,516| Allocated to :| John| 6,309.60| | Joe| 4,206.40| Profit and Loss Appropriation Account for Year Ended 31 March 2012 | $| $| $| | John| Joe| intact| Net Profit|...If you want to get a upright essay, commit it on our website: OrderCustomPaper.com

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