Financial Accounting, 2e (For Madras University)

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Published by Vijay Nicole Imprints Private Limited

Publication Date: Fri Jan 01 00:00:00 UTC 2021 Available in all formats

ISBN: 9789393161932

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ISBN: 9789393161932 Price: INR 210.00

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Table of contents

Biographical note

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Financial Accounting 2 Edition

Murugadoss, Jaya, Charulatha, Baskar

This book on Financial Accounting reckons for students from diverse walks of life and different boards of study. Accordingly, it adopts a simplified, student-friendly approach taking care to present simpler, smaller problems first before moving on to advance and tougher problems and their solutions.

Salient Features

Concise but adequate theory

Step by step approach to problems

Graded problems (and solutions) under appropriate headings in both illustration and exercises

Questions from previous year question papers.

Formats, tables, and charts to help students understand concepts.

Cover
Halftitle Page
Title Page
Copyright Page
Contents
Preface
Illustrations Layout
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
  - Advantages
- 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 Rectification of Errors
- Introduction
- Based on Nature
  - Errors of Omission
  - Errors of Commission
  - Errors of Principle
  - Compensating Errors
- Based on the Impact on Trial Balance
  - Errors Not Disclosed by Trial Balance
  - Errors Disclosed by Trial Balance
- Based on Accounts Criterion
  - Single Sided Errors
  - Double Sided Errors
- Suspense Account
- Basic Principles for Rectification of Errors
- Illustrations
- Review Questions
- Exercises
Chapter 5 Subsidiary Book
- Introduction
- Advantages of Subsidiary Book
- Basic Documents for Subsidiary Books
- Kinds of Subsidiary Books
  - Purchases Book
  - Sales Book
  - Purchases Returns Book
  - Sales Returns Book
  - Bills Receivable Book
  - Bills Payable Book
  - Journal Proper
  - Cash Book
- Illustrations
- Review Questions
- Exercises
Chapter 6 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 7 Final Accounts
- Introduction
- Objectives in the Preparation of Final Accounts
- Stages in Preparation of Final Accounts
  - Manufacturing Account
  - Trading Account
  - Profit and Loss Account
  - Balance Sheet
- Grouping and Marshalling of Assets and Liabilities
- Final Accounts with Adjustment
  - Closing Stock
  - Expenses Outstanding
  - Prepaid Expenses
  - Accrued Incomes
  - Income Received in Advance
  - Depreciation on Fixed Assets
  - Bad Debts
  - Provision for Bad and Doubtful Debts
  - Provision for Discount on Debtors
  - Provision for Discount on Creditors
  - Interest on Capital
  - Interest on Drawings
  - Other Adjustments
- Illustrations
- Review Questions
- Exercises
Chapter 8 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 9 Non-Trading Organisatons
- 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 10 Bank Reconciliation Statement
- Introduction
- Meaning
- Definition
- Need for Bank Reconciliation Statement
- Reasons for Disagreement
- Steps for Preparation of Bank Reconciliation Statement
- Proforma of Bank Reconciliation Statement
- Analysis of Bank Reconciliation Statement
- Illustrations
- Review Questions
- Exercises
Chapter 11 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 12 Single Entry System or Accounts from Incomplete Records
- Meaning
- Definition
- Features
- Advantages
- Limitations
- Differences between Double Entry System and
- 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 13 Branch Accounting
- Introduction
- Objectives of Branch Accounts
- Categories of Branches
  - Inland or Domestic Branches
- Incorporation of Branch Trial Balance in Head Office Books
- Foreign Branches
- Illustrations
- Review Questions
- Exercises
Chapter 14 Departmental Accounting
- Introduction
- Departmental Accounting
  - Objectives of the Departmental Accounting
  - Advantages of Departmental Accounts
- Differences between Branch Accounting and Departmental Accounting
- Methods and Techniques
  - Interdepartmental Transactions
  - Journal Entry
  - Disclosure in Balance Sheet
- Illustrations
- Review Questions
- Exercises
Chapter 15 Hire Purchase System
- Introduction
- Hire Purchase
  - Special Features of this Hire Purchase Contract
  - Important Definitions of the Act
  - Differences between Sale and Hire Purchase
- Instalment Method
  - Features of Instalment Payment System
- Differences between Hire Purchase System and Instalment Purchase System
- Accounting for Hire Purchase
  - Calculation of Interest & Cash Price
- Termination of Hire Purchase Agreement before the Agreed Period of Instalments
  - Default and Repossession
  - Sale of Small Values of Goods and Its Accounting Treatment
- Instalment System
  - Accounting of Instalment Purchase
- Illustrations
- Review Questions
- Exercises
Chapter 16 Partnership
- Introduction
- Partnership Deed
  - Meaning
  - Contents
  - Rules Applicable in the Absence of Partnership Deed
- Accounts of Partnership Firms
  - Adjustments to be Made to be 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 16A 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 16B 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
  - 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
- Retirement Cum Admission
- Joint Life Policy (JLP)
- Illustrations
- Review Questions
- Exercises
Chapter 16C 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
Chapter 16D Dissolution of Partnership Firm
- Introduction
- Meaning of Dissolution
  - Dissolution of Partnership
  - Dissolution of a Firm
  - Reasons of Dissolution of Partnership Firm
  - Settlement of Accounts
- Accounts for Dissolution
  - Proforma of Realisation Account
- Methods of Problems
  - Preparation of Memorandum of Balance Sheet
  - Voluntary Dissolution and All Partners are Solvent
  - Insolvency of a Partner
  - Piecemeal Distribution of Cash
- Illustrations
- Review Questions
- Exercises
Chapter 17 Accounting Standards
- Introduction
- Components of Financial Statements
- Objectives of Financial Statements
- Indian Accounting Standards
- Generally Accepted Accounting Principles
- Benefits of Accounting Standards
- Standards Setting Procedure
- Indian Accounting Standards
- Need to Converge towards Global Standards
- International Financial Reporting Standards (IFRS) as Global Standards
- IFRS Compliance
- Convergence to IFRS in India
- What are Indian Accounting Standards (Ind AS)?
- How to Implement Indian Accounting Standards (Ind AS)?
  - For Companies Other than Banks, NBFCs and Insurance Companies
  - Notable Points to Consider
- Differences between IFRS and Ind AS
- Review Questions
Index

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