Final Accounts For Sole Traders And Partnerships Workbook

Author : Elijah Ola Adediwura
Publisher : Ajilaoorun Publications Ltd
ISBN 13 : 978780616X
Total Pages : 239 pages
Book Rating : 4.7/5 (878 download)

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Download or read book Book-Keeping and Accounting Knowledge for Non-Accounting Executives and Accounting Practitioners written by Elijah Ola Adediwura and published by Ajilaoorun Publications Ltd. This book was released on with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: My many years’ experience as accountant in various organizations, private and public, in various capacities as head of Accounting departments, Controller of Finance, Group Chief Accountant and Director of Finance, revealed to me that most Nigerian Professionals, Managers and Executives who are not Accountants, do not have thorough grasp of accounting information and data nor appreciate them in the management of their enterprises, companies and organizations. My desire is to present in this book, “Book keeping and Accounting Knowledge for Non Accounting Executives and Accounting Practitioner” in a lucid and understandable formats, book-keeping process, accounting preparations, records building and necessary financial statements useful for managing business of organizations and as well useful to shareholders, investors, government organization like tax authorities and other third parties. The book gives a gradual approach to Book Keeping and Accounting, spanning the rudimentary knowledge, moving to principles and theories, going to the fundamental books preparation, developing to the preparation of statement of results. Further, the book exposes its users to all statutory requirements of business on accounting and financial statements. The book not only teaches book-keeping and accounting records preparation but also exposes users to the various financial statements that can be fashioned out from those records for use in evaluation of stewardship, in financial management, in evaluating business performances and for statutory purposes. It dwells extensively on business performance measurement through accounting ratios analysis. The book, “Book Keeping and Accounting Knowledge (BKAK)”, avoids those intricate methodologies associated with Preparation of Miscellaneous Accounts like: - Hire Purchase Account; Mines and Farmers Account, Voyage Account; Containers Account, Professional Account, Branch and Departmental Accounts; Bankruptcy- liquidation and Receivership Accounts and many other account in that category. These had been deferred to a second edition in the future. Such accounts may be burdensome for non-accounting executives. However, a good attempt was made in the book to introduce users to the accounts of partnership business as that would be of interest to non-accounting professionals as well as to Accounting Practitioners. In the concluding chapter of the book, a very vital and useful aspect of Book-Keeping and Accounting Knowledge was extensively exposed. This is the design of Accounting Classifications and Coding System. Chapter 16 exposes users of the book to the methodology of designing codes for ascertaining and recording Costs and Revenue/ Income, Assets and Liabilities. Finance codes were also designed for all possible Costs Centers, Revenue or Income Centers and all activities of operation. The Classification and Codling System will be found very elaborate, flexible, adaptable and simple. It is a plus for Book Keepers, Accountants, Computer Programmers and even to a simple Sole Business executives. Vital and useful information are contained in the appendices. · Appendix A shows sample of Financial Statements required by Law to be laid annually before Shareholders while Appendices B and C show the form and Contents of Companies Financial Statement as demanded by Sections 378 to 390 of the Companies and Allied Matters Act 2020. · Appendix D is a sample format of an abridged Financial Statement for Publication demanded by the First Schedules to the Companies and Allied Matters Act 2020. This is expected to be displayed at the Company’s Principal Office Address and its other branches. · Appendix E is a full copy of the Partnership Deed/Agreement of AOOO Associates Enterprise, a firm in which the author of this book is a Managing Partner. These appendices are reproduced from their original sources for convenient references. The author particularly thanks the Partners of AOOO Associates for the consent to use its materials. Concluding, let me state that the making of the 1st edition of this book is through the inspiration of the almighty God. The thoughts, the ideas, the scripts, the computations and displays in the book are entirely the responsibility of the author.