prepare a Petty cashbook To prepare a Petty cashbookn is one of the simplest task a student may be asked to do, however most learners do not know how to prepare it. Most business have no idea of what a petty cashbook is and those who know barely maintains one. This is how it
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Firms Record small, frequent cash payments in the Petty Cash Book, a book of original entry designed for minor business expenses. Using this book prevents the Main Cash Book from becoming cluttered with tiny transactions like postage, stationery, transport fares, refreshments, and minor repairs.
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What is a Trading Account? The Trading Account is a financial statement (or part of one) that shows the results of buying and selling goods/merchandise during a specific period (usually an accounting year).It focuses primarily on the direct costs associated with buying and selling goods. It excludes indirect expenses (which are handled in the Profit
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FUNDAMENTALS OF ACCOUNTING This unit is designed to enable the learner achieve and apply the following key skills. · By the end of this unit the learner should be able to : 1. Demonstrate understanding of accounting principles and policies. 2. Apply double entry concept. 3. Classify capital and liabilities. 4. Correct accounting errors and suspense account. 5. Prepare sole trader statement.
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