Accounts from Incomplete Records Contents Incomplete Records Accounting records, which are not strictly kept according to double entry system are known……

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Presentation transcript:

Accounts from Incomplete Records Contents Incomplete Records Accounting records, which are not strictly kept according to double entry system are known…… Features of Incomplete Records Features of Incomplete Records In complete records may be due to partial recording of transactions as is the......, Limitations of Incomplete Records Limitations of Incomplete Records The mechanism of incomplete records suffers from a number of limitations. This is due to the basic Ascertainment of Profit and Loss Ascertainment of Profit and Loss To ascertain the exact profit or loss from the incomplete records is a difficult task ,

???? Incomplete Accounts from Incomplete Records Incomplete records

Unsystematic Improper Recording of assts, Revenue etc. Improper Recording of assts, Revenue etc. Personal Transactions Lack of Uniformity In accurate Profit Over dependence of Original Vouchers Over dependence of Original Vouchers Accounts from Incomplete Records Features of Incomplete records Click on the points

Features of Incomplete Records Unsystematic Incomplete records is an unsystematic method of recording transactions.

Features of Incomplete Records Improper Recording of assts, Revenue etc. Generally, records for cash transactions and personal accounts are properly maintained and there is no information regarding revenue and/ or gains, expenses and/or losses, assets and liabilities.

Features of Incomplete Records Personal Transactions Under this system of accounting, Personal transactions of owners may also be recorded in the cash book.

Features of Incomplete Records Lack of Uniformity Different organisations maintain records according to their convenience and needs, and their accounts are not comparable due to lack of uniformity.

Features of Incomplete Records In accurate Profit To ascertain profit or loss or for obtaining any other information, necessary figures can be collected only from the original vouchers such as sales invoice or purchase invoice, etc.

The profit or loss for the year cannot be ascertained under this system with high degree of accuracy as only an estimate of the profit earned or loss incurred can be made. Features of Incomplete Records Over dependence of Original Vouchers

Accounts from Incomplete Records Limitations of Incomplete records

Accounts from Incomplete Records Ascertainment of Profit and Loss