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Accounts from Incomplete 
Records
Page 2


Accounts from Incomplete 
Records
Why Incomplete Records?
• High cost of record keeping
• Lack of knowledge
• Time 
• Lack of awareness for the need of financial 
records
Found in Small Businesses and hence can be 
termed as Micro Business Accounting(MBA).
Page 3


Accounts from Incomplete 
Records
Why Incomplete Records?
• High cost of record keeping
• Lack of knowledge
• Time 
• Lack of awareness for the need of financial 
records
Found in Small Businesses and hence can be 
termed as Micro Business Accounting(MBA).
What are recorded?
• Cash transactions 
• Credit transactions of revenue goods and 
capital goods in the personal accounts of 
Suppliers and Customers.
• Double entry completed for cash receipts and 
payments on account of Customers and 
Suppliers.
• Non recurring transactions like purchase of 
fixed assets, borrowings etc.
Contact: asand343@gmail.com
Page 4


Accounts from Incomplete 
Records
Why Incomplete Records?
• High cost of record keeping
• Lack of knowledge
• Time 
• Lack of awareness for the need of financial 
records
Found in Small Businesses and hence can be 
termed as Micro Business Accounting(MBA).
What are recorded?
• Cash transactions 
• Credit transactions of revenue goods and 
capital goods in the personal accounts of 
Suppliers and Customers.
• Double entry completed for cash receipts and 
payments on account of Customers and 
Suppliers.
• Non recurring transactions like purchase of 
fixed assets, borrowings etc.
Contact: asand343@gmail.com
Is there need to convert into double 
entry system?
• No, if only approximate profit is to be 
determined.
• Yes, if the results of operations and  financial 
position are to be determined which is required 
– for filing Income Tax Returns; 
– to obtain loans from financial institutions;
– to analyse the financial statements in a meaningful 
manner and understand for making rational decisions. 
Page 5


Accounts from Incomplete 
Records
Why Incomplete Records?
• High cost of record keeping
• Lack of knowledge
• Time 
• Lack of awareness for the need of financial 
records
Found in Small Businesses and hence can be 
termed as Micro Business Accounting(MBA).
What are recorded?
• Cash transactions 
• Credit transactions of revenue goods and 
capital goods in the personal accounts of 
Suppliers and Customers.
• Double entry completed for cash receipts and 
payments on account of Customers and 
Suppliers.
• Non recurring transactions like purchase of 
fixed assets, borrowings etc.
Contact: asand343@gmail.com
Is there need to convert into double 
entry system?
• No, if only approximate profit is to be 
determined.
• Yes, if the results of operations and  financial 
position are to be determined which is required 
– for filing Income Tax Returns; 
– to obtain loans from financial institutions;
– to analyse the financial statements in a meaningful 
manner and understand for making rational decisions. 
When no need to convert into 
double entry
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FAQs on PPT - Accounts from Incomplete Records - SSC CGL Tier 2 - Study Material, Online Tests, Previous Year

1. What are accounts from incomplete records?
Ans. Accounts from incomplete records refer to a situation where a business does not maintain complete and accurate financial records. This can happen when a business fails to keep proper books of accounts, or when certain transactions are missing or not recorded.
2. What are the challenges of dealing with accounts from incomplete records?
Ans. Dealing with accounts from incomplete records can present several challenges. It becomes difficult to accurately determine the financial position and performance of the business, as crucial information may be missing. This can make it challenging to prepare financial statements, analyze profitability, or evaluate the overall financial health of the business.
3. What are some methods used to reconstruct accounts from incomplete records?
Ans. There are several methods that can be used to reconstruct accounts from incomplete records. Some common approaches include the single-entry system, where only cash transactions are recorded, and the conversion method, where incomplete records are converted into complete records by analyzing available information and making necessary adjustments.
4. How can accounts from incomplete records affect tax compliance?
Ans. Accounts from incomplete records can have an impact on tax compliance. Incomplete records may make it difficult to accurately calculate taxable income, leading to potential errors or discrepancies in tax returns. This can result in penalties or additional tax assessments by tax authorities.
5. What are the consequences of relying on accounts from incomplete records for decision-making?
Ans. Relying on accounts from incomplete records for decision-making can have serious consequences. Inaccurate or incomplete financial information may lead to poor decision-making, as key aspects of the business's financial health may be overlooked. It can result in financial losses, missed opportunities, and hinder the growth and success of the business.
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