UGBS 208: SESSION 5 - SINGLE ENTRY AND INCOMPLETE RECORDS

Many businesses in the informal sector do not maintain proper books of accounts for a number of reasons. While some of these organizations may have some records which may not follow the double entry principle, others may have no records at all. Thus the accounts for such organizations can only be prepared from the incomplete records. This session seeks to introduce students to the process of determination of profits and the preparation of final accounts for an organization that does not keep proper books of accounts.