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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Description
This book is designed to address the syllabi requirements of BBA students of Madras University.
Table of contents
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
Biographical note
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.