Financial Accounting

Dr. K. Murugadoss; Dr. M. Jaya; Dr. V. Charulatha; Dr. D. Baskar

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Financial Accounting

K. Murugadoss, M. Jaya, V. Charulatha, D. Baskar

ISBN 9789395245265

Publication Date Fri Jul 01 00:00:00 UTC 2022

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Description

Table of contents

Biographical note

User Reviews

This book is designed to address the syllabi requirements of BBA students of Madras University.

Cover
Title Page
Copyright Page
Contents
Preface
Chapter 1 Introduction
- Accounting
  - Definition of Accountancy
  - Attributes in Accounting
  - Advantages of Accounting
  - Limitations of Accounting
- Stakeholders Interested in Accounting Information
- Book Keeping
  - Objectives of Book Keeping
  - Book Keeping vs Accounting
- Branches of Accounting
  - Financial Accounting
  - Cost Accounting
  - Management Accounting
- Methods of Accounting
  - Single Entry System
  - Double Entry System
- Classification of Accounts
- Rules for Double Entry
  - Bases of Accounting
- Accounting Equation
- Accounting Concepts and Conventions
  - Accounting Concepts
  - Accounting Conventions
- Review Questions
Chapter 2 Journal and Ledger
- Journal
  - Meaning of Journal
  - Advantages of Journal Entries
  - Points to be Observed while Passing Journal Entries
- Ledger
  - Characteristics of Ledger
  - Proforma of a Ledger
  - Posting
  - Model Journal Entry for Posting from Journal to Ledger
  - Steps for Balancing of Ledger Accounts
- Illustrations
- Review Questions
- Exercises
Chapter 3 Trial Balance
- Introduction
- Main Characteristics and Uses of a Trial Balance
- Objectives of Preparing a Trial Balance
- Methods of Preparation of Trial Balance
  - Total Method
  - Balance Method
- Schedule of Debtors and Creditors
- Advantages of a Trial Balance
- Illustrations
- Review Questions
- Exercises
Chapter 4 Cash Book
- Introduction
- Characteristics of a Cash Book
- Advantages
- Types of Cash Book
  - Single Column Cash Book or Simple Cash Book
  - Double Column Cash Book or Two Column Cash Book
  - Triple Column Cash Book or Three Column Cash Book
  - Analytical Petty Cash Book
- Imprest System
  - Benefits of Petty Cash Book
  - Posting of Entries from Petty Cash Book
- Illustrations
- Review Questions
- Exercises
Chapter 5 Depreciation Accounting
- Introduction
- Characteristics of Depreciation
- Factors / Causes of Depreciation
  - Wear and Tear
  - Effluxion of Time
  - Obsolescence
  - Disuse
  - Technical Growth
  - Depletion
- Factors Affecting the Calculation of Depreciation
- Need for Providing Depreciation
- Methods of Depreciation
  - Straight Line Method or Fixed Installment Method or Original Cost Method
  - Diminishing Balance Method or Reducing Installment Method or Written Down Value Method
  - Annuity Method
  - Depreciation Fund or Sinking Fund Method
  - Insurance Policy Method
  - Sum of Years Digit Method
  - Revaluation Method
  - Depletion Method
  - Machine Hour Rate Method
- Illustrations
- Review Questions
- Exercises
Chapter 6 Non-Trading Organisations
- Introduction
- Final Accounts of Non-Profit Organisations
- Preparation of Financial Statements
  - Receipts & Payment Account
  - Income & Expenditure Account
- Treatment of Special Items of a Non-Profit Organisation
  - Entrance / Admission Fee
  - Donations
  - Life Membership Fee
  - Subscriptions
  - Calculation of Subscription to be Credited to Income & Expenditure Account
  - Special Receipts
  - Legacy
  - Sale of Assets
  - Sale of Newspapers, Magazines and Sports Materials
  - Honorarium
  - Other Funds
- Treatment of Revenue Items in Income & Expenditure Account
- Illustrations
- Review Questions
- Exercises
Chapter 7 Fire Insurance Claims
- Introduction
- Fire Insurance Claims
- Types of Fire Insurance Claims
  - Loss of Stocks and Assets
  - Loss of Profit
- Distinct Terms in Fire Insurance Claims
- Illustrations
- Review Questions
- Exercises
Chapter 8 Single Entry System or Accounts from Incomplete Records
- Meaning
- Definition
- Features
- Advantages
- Limitations
- Differences between Double Entry System and Single Entry System
- Process of Ascertainment of Profit
- Distinction between Statement of Affairs and Balance Sheet
- Steps Involved in Preparation of Final Accounts under Conversion Method from Incomplete Records
- Illustrations
- Review Questions
- Exercises
Chapter 9 Partnership
- Introduction
- Partnership Deed
  - Meaning
  - Contents
  - Rules Applicable in the Absence of Partnership Deed
- Accounts of Partnership Firms
  - Adjustments to be Made to the Accounts
  - Partners Capital Accounts
- Other Points Relating to Partnership
  - Capital Ratio
  - Adjustment of Capital Accounts after Closing Accounts of the Firm
  - Cancellation of Excess Interest
  - Guarantee
- Illustrations
- Review Questions
- Exercises
Chapter 10 Reconstitution of Partnership by Admission of a Partner
- Introduction
- Admission of a New Partner
  - New Profit Sharing Ratio of the New Firm
  - Accounting Goodwill of the Existing Firm
  - Revaluation of Assets and Liabilities of the Firm
  - Capitalisation of Accumulated Profits and Losses
  - Adjustment of Partners’ Capitals of All Partners
- Illustrations
- Review Questions
- Exercises
Chapter 11 Reconstitution of Partnership by Retirement of a Partner
- Introduction
- Sections Relating to Retirement
  - Sec. 32 (2)
  - Sec. 32 (3)
  - Sec. 32 (4)
- Accounting Adjustments
  - Calculation of New Profit Sharing Ratio and Gaining Ratio of Continuing Partners
  - Adjustment Regarding Goodwill
  - Revaluation of Assets and Liabilities
  - Adjustment Regarding Undistributed Profits and Losses
  - Settlement of Retiring Partner’s Claim
- Adjustment of Remaining Partners Capital Account after Retirement
- Retirement Cum Admission
- Joint Life Policy (JLP)
- Illustrations
- Review Questions
- Exercises
Chapter 12 Reconstitution of Partnership by Death of a Partner
- Introduction
- Death of a Partner
- Mode of Payment
- Other Factors to be Considered in Case of Death of a Partner
- Illustrations
- Review Questions
- Exercises
Index

Head PG & Research Department of Commerce Periyar Government Arts College Cuddalore

Associate Professor and Head Department of Commerce Asan Memorial College of Arts and Science Chennai

Associate Professor and Head Department of Commerce (Corporate Secretaryship) Asan Memorial College of Arts and Science Chennai

Dr. V. Charulatha, Head, Department of Commerce (Corporate Secretaryship), Asan Memorial College of Arts and Science, Chennai has been in teaching for more than 16 years at UG and PG level. She has authored a book and published edited book volumes, and articles in reputed National and International Journals. The author has presented more than 15 papers in different national and international conferences. She has experience in organising Seminars, Workshops, Technical meets, National and International Conferences.

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