Accounting HELP!!!

[BigGuy1992]

Hi

hey guys i need some serious help , i need some help on limited liability companies , so lost no idea what it is ....

Please any help is most appreciated

Thanx in advance

 

[yellitgirl]

limited liablity companies are those which have the right to sell shares to the general public and hold limited liability. limited liability means that the creditors of the business can not force the owners of the business to sell their private property in order to pay back their debts.
limited liability accounts are just like any other account except it also includes Appropriation account. Appropriation account includes:
1- corporation tax (deducted from profit for the year before tax.)
2-retained profits (added to the profit we have after deducting the corporation tax)
3-transfer to general reserves (deducted from the amount we have after adding the retained profits of last year)
it further states the dividends of the company.
^ % of preference dividend
^ % of ordinary dividend
and retained profit of this year carried forward to the next year.




hope this helped and dont forget to click on the thanx button

 

[BigGuy1992]

Thanx yellitgirl , this really clears the topic , now its very simple , well i will be going through some notes and questions if i need help will post back .......


:-D

 

[yellitgirl]

sure sure
i will be giving my IGCSE exam for accounts on 6th june :S