Incomplete Records (Leaving Cert Accounting): Flashcards

Business failed to maintain proper ledger accounts, leaving limited financial information

Control account & cashbook; Balance sheet mark-up/margin

Have cash transactions, bank records, assets & liabilities data

Extremely limited info - just balance sheet data at start/end

Business performance (profit/loss) & owner transactions

$\text{Income} - \text{Expenses}$

$\text{Sales} - \text{Cost of sales}$

$\text{Opening stock} + \text{Purchases} - \text{Closing stock}$

$\text{Opening} + \text{Additions} - \text{Payments} = \text{Closing balance}$

$\text{Cash sales} + \text{Credit sales}$