Accounting Concepts

Table of Content

1. Introduction2

2. Trading and profits and Loss Accounts and appropriation Account
for the year terminate 31 March 20123

3. menses Account at 31 March 20124

4. Balance plane 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 form of business organisation. The briny statements of partnership are the trading and profit and loss ciphers of the partnership, annexation account of each partner, Capital account and current account of each partner. The accounts of the partnership should be prepared 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 illustration 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| |
Insurance (9,800-1,800 x 11/12) | 8,150| |
Depreciation (40,000 x 10%)| 4,000| |
Bad debt | 600| |
cooking for doubtful debts (W1)| 436| |
Provision for depreciation Office Equipment| 7,600| 50,084|
final 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| Total|
Net Profit|...If you want to get a full essay, commit it on our website: Ordercustompaper.com



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