INTRODUCTION TO ACCOUNTANCY
By: GREWAL TS GUPTA SC
Material type:
TextPublisher: S.CHAND Description: 846ISBN: 978-8121905695Subject(s): Meaning of book-keeping and accountancy Concepts Conventions regarding financial statements Accounting policies. Cash and mercantile systems Two systems of book-keeping Branches of accounting Objectives of financial accountina Advantages of book-keeoinc. The accounting process Exercise-1 RECORD OF TRANSACTIONS — JOURNAL Rules for recording transactions Another view of debit and credit Significance of debits and credits. Journal Opening entry THE LEDGER Account Preparation of ledger accounts or posting Posting the opening entry. Balancing an account Arrangement of accounts Trial balance . THE PRACTICAL SYSTEM (I) : THE CASH BOOK ANC BANKING TRANSACTIONS The cash book Posting the cash book Banking transactions How to open an account Deposits and withdrawals. Endorsement Dishonoring of a cheque Services which a bank renders to a business house Bank reconciliation statement Alternative presentation How to ascertain items for reconciliation. The real balance at the bank Petty cash Exercise-4 THE PRACTICAL SYSTEM (II) : SALE AND PURCHASE OF GOODS Purchases of goods. Sales of goods Purchases returns Sales returns Role of journal Principal and subsidiary books TRIAL BALANCE AND ERROS Trial balance The importance of trial balance Errors disclosed by a trial balance Errors which do not affect the agreement of the trial balance. Types of errors Steps to locate errors Correcting the errors Suspense account Correction in the next trading period BILL OF EXCHANGE OR HUNDIES Bill of exchange Promissory note Negotiability Data of maturity Discounting of bills Record of bills of exchange and promissory notes Noting charges Renewal of a bill. Books of the acceptor Renewal Accommodation bills Insolvency Bills for collection Bills receivable and bills payable books FINAL ACCOUNTS Financial statements and their nature Matching principle Limitations Distinction between capital arc e Revenue expenditure Deferred revenue exPencl7,Jre Capitol and revenue receipts Preparation of the profit and loss account Trading account Main principles of preparing trading and profit and loss accounts Valuation of stock Profit and loss account Adjustments Provision for bed and doubtful debts Discuounts Repairs and provision for repairs Balance sheet Arrangement of assets and liabilities Manufacturing account CONSIGNMENT ACCOUNTS Meaning of consignment Del credere commission Entries in the books of the consignor Books of consignee Valuation of stock Normal loss Abnormal loss Consigning goods at a value higher than cost Memorandum columns. JOINT VENTURES Meaning of joint venture Distinction from consignment Accounts An alternative method to record the transactions Separate books Interest calculations Average due date Account current . DEPRECIATION Meaning and need Objectives of depreciation The basic factors Methods for providing depreciation Annuity table Sinking fund table Change of method . PARTNERSHIP ACCOUNT General Rights of partners Duties of partners Powers of partner Kinds of partners Accounts Fixed and fluctuating capitals. Interest on drawings Admission of a new partner Goodwill Revaluation of assets and liabilities Finding out the new profit sharing ratio Capitals in the profit sharing ratio Amounts of assets and liabilities not to be changed Retirement of a partner Capital account to be transferred to loan account Joint life policy. Death of a partner Amalgamation of firms Dissolution of firms Settlement of accounts Sale to a company Insolvency of a partner Garner vs. Murray. All partners insolvent Piecemeal distribution JOINT STOCK COMPANIES Definition Kinds of joint stoc, - - Distinction between ca-Tne-s-- stocks companies Privileges cf =co-, FloaTatior cf ccmcc-yes Classes of snares Classes of preference shares : Debentures Different classes of debentures : Distinction between Share and Debenture Powers of shareholders Directors Books and accounts Issue of shares Calls in arrear Calls in advance Issue of shares at a premium Forfeiture of shares Issue of shares at a discount Issue of debentures Debentures Issued as collateral security Redemption of debentures Sinking fund Redemption of Preference Shares Buy-back of shares Purchase of business Final accounts. General Instruction for Preparation of Balance Sheet General Instruction for preparation of a statement of profit and loss Provisions, reserves and reserve funds Fundamental accounting assumptions and accounting policies Profit prior to incorporation Issue of bonus shares BRANCH AND DEPARTMENTAL ACCOUNTS Accounts related to a branch Goods invoiced at selling price or inflated price Stock and debtors system Independent branch Incorporation of branch accounts in head office books Foreign branch Departmental SELF-BALANCING LEDGERS Working of the system Advantages Sectional vs self-balancing ledgers Making entries Transfers . HIRE-PURCHASE, INSTALMENTS AND ROYALTIES Entries in books-hire-purchases system An alternate treatment Books of the hire vendor Default and Repossession of Goods Instalments system Hire-purchase trading account Royalties ACCOUNTS FROM INCOMPLETE RECORDS Ascertaining profit or loss Preparing final accounts from incomplete (or single entry) records. ACCOUNTS OF NON-PROFIT ORGANISATIONS Features of the Receipts and Payments Account. Income and expenditure account Preparation of balance sheet AMALGAMATION AND RECONSTRUCTION OF JOINT-STOCK COMPANIES Advantages of amalgamation Types of amalgamation INSOLVENCY ACCOUNTS Meaning Individuals and partnerships Preferential creditors Statement of affairs Liabilities Properties and Assets Deficiency account (List H) BANK ACCOUNTS Definition of banking Forms of business Non-banking assets Management Minimum capital and reserve Statutory reserve Cash reserves and statutory liquidity ratio Special types of service Accounting year Rebate on bills discounted Bad debts and bad debts provision Income from non-performing assets Classification of advances. Form of balance sheet Form of profit and loss account ACCOUNTS OF INSURANCE COMPANIES Meaning and types of insurance Life insurance Different forms of schedules - life business General insurance business Different forms and schedules - General business DOUBLE ACCOUNT SYSTEM Meaning and chief characteristics Replacement of assets CASH AND FUNDS FLOW STATEMENTS Meaning of cash flow statement Classification of Activities Form of cash flow statement Funds flow statement Distinction between cash flow statement and funds flow statement Advantages of funds flow statement ANALYSIS OF FINANCIAL STATEMENTS OR RATIO ANALYSIS Single column form of balance sheet and profit and loss account Ratio analysis Advantages of ratios Precautions Assessing the financial positionDDC classification: 658.1511
| Item type | Home library | Shelving location | Call number | Status | Date due | Barcode |
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Text book
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MIIMLIBRARY | RACK NO- 4 | 658.1511 (Browse shelf) | Available | 5783 |
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