Question

Answer this questions fastly it's urgent and wrong answers will be reported answer 1 , 2 and 4 questions​

Answer 1

Answer:

1. The limitations of incomplete records are as follows : (a) As double entry system is not followed, a trial balance cannot be prepared and accuracy of accounts cannot be ensured. (b) Correct ascertainment and evaluation of financial result of business operations can not be made

2. Add back the capital withdrawal amount for an accurate reading of the company's profit or loss. Therefore, the formula for determining profit and loss under the statement of affairs method is capital at the end of the period plus drawings minus new capital contributions less beginning capital

Answer 2

Answer:

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