Financial accounting is integral to companies of all sizes because it helps in the following: Communication of information externally. The statements and reports generated by financial accounting are used to communicate information about the overall health and well-being of the company to the external parties
Course Objective: To acquaint the students with the preparation of books of accounts of various types of business activities and application of important accounting standards
Accounting for Hire Purchase – Meaning and Features of Hire Purchase System – Hire purchase Agreement –Hire purchase and Sale – Hire Purchase and Installment – Interest Calculation – Recording Transactions in the Books of both the Parties – Default and Repossession- Complete repossession- Partial repossession
Branch Accounts – Objectives- Features – Types – Accounting for Branches keeping full system of accounting – Debtors System – Stock and Debtors System – Independent Branches and Incorporation of Branch Accounts in the Books of H.O – Cash in Transit and Goods in Transit – Consolidated Balance Sheet.(accounting for foreign branches excluded)
Departmental Accounts – Meaning – Objectives – Advantages – Distinction between branch and department- Accounting Procedure – Allocation of Expenses and Income- Inter Departmental Transfers – Provision for Unrealized Profits.
Accounting for Dissolution of partnership firm- Dissolution of a firm- Settlement of Accounts on dissolution- – Insolvency of a partner-Application of decision of Garner Vs Murray Case – Settlement of accounts when all partners are insolvent- Piecemeal distribution- Highest Relative Capital Method-Maximum Possible Loss method
Accounting Standards- Importance- Accounting Standards Board- Applicability of Accounting Standards – Brief learning of AS1, AS2, AS9, AS10 and AS 19(Theory only)
1. Jain S.P & Narang K.L., Advanced Accountancy, Kalyani Publishers, New Delhi
2. Maheshwari, S.N., & Maheswari, S.K., Advanced Accountancy, Vikas Publishing House, New Delhi. 3.Shukla, M.C., & Grewal, T.S., Advanced Accountancy, S Chand and Company Pvt.Ltd, New Delhi.
4. Ashok Sehgal & Deepak Sehgal, Financial Accounting Taxmann Allied Service (Pvt) Ltd, New Delhi.
5. Paul, S. K., & Chandrani Paul, Advanced Accountancy, New Central Book Agency, New Delhi.
6. MA Arulanandam and KS Raman, Advanced Accountancy,Himalaya Publications, Mumbai.
7. Raman B S, Financial Accounting United Publishers
8. The Chartered Accountant (Journal), Institute of Chartered Accountants of India, New Delhi.
Module I Accounting for Hire Purchase
Module II Branch Accounts
Module III Departmental Accounts
Module-IV Accounting for Dissolution of partnership firm
Module- V Accounting Standards