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WEEK 4
TOPIC: FINAL ACCOUNT OF A LIMITED LIABILITY COMPANY
Final Account: (a)Profit and loss Appropriation Account: – Uses(b) Appropriation Items (i) Amount written off (ii) Good will (iii) Preliminary expenses (iv) Amount transferred to reserve; (i) Bonuses (ii) Dividends(c) Preparation of profit and loss Appropriation Accounts. (d) The company balance sheet – Layout, Preparation, Analyzing or Interpretation.
CONTENT:
- Profit and loss Appropriation Account: Uses
- Appropriation Items (i) Amount written off (ii) Good will (iii) Preliminary expenses (iv) Amount transferred to reserve; (i) Bonuses (ii) Dividends
- Preparation of profit and loss Appropriation Accounts.
- The company balance sheet – Layout, Preparation, Analyzing or Interpretation.
Sub – topic 1. Profit and loss Appropriation Account: Uses
The final accounts contain of:
- Trading account
- Profit and loss account
- Appropriation account
- Balance sheet
Trading account: Trading account of company is not so different from that of the Partnership apart from some peculiar items to Company.
Profit and loss account: There are some items in the company profit and loss account that may be found in neither partnership nor sole proprietorship, such items include: interest payable on debentures and loan, directors fees, audit fees, company tax, dividend paid and proposed and charges relating to previous years. Despite these, the preparation is still the same.
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