Solution 1. Model answer/suggested solution B.com 2 semesters Sub: - Financial Accounting Paper code: - AR 7578
|
|
- Moses Quinn
- 7 years ago
- Views:
Transcription
1 Model answer/suggested solution B.com 2 semesters Sub: - Financial Accounting Paper code: - AR 7578 Solution 1. I. The new Profit sharing ratio of R after giving 2/7 share to T 7 _ 2 = = The new profit sharing ratio of S after giving 1/7 share to T 3 _ 1 = = Total share of T = 2/7 + 1/7 = 3/7 New Ratio of R, S &T = 29/70: 11/70: 3/7 29:11:30 70 Sacrificing Ratio=Old ratio- New ratio Sacrificing ratio of R = 7/10-29/70 = 20/70 Sacrificing ratio= 2:1 II. Average profit = Sacrificing ratio of S = 3/10-11/70 = 10/70 Normal profit = capital employed X % 100 Capital employed = assets current liabilities = = Normal profit = X12 = Super profit = average profit normal profit = =
2 Goodwill = super profit X 100 Profit% = X = III. (a) Amount of goodwill brought in cash by new partner Cash/bank a/c Dr To premium (for goodwill) a/c (Being cash brought in by new partner as premium for his share of profit) (b) Distributing amount of goodwill (premium) among old partner in their Sacrificing ratio Premium (for goodwill) a/c s Dr To old partners capital a/c (Being premium credited to old partners capital accounts in their sacrificing ratio) IV. Down payment means a signing amount which is pay by hire purchase to hire vendor at the time of hire purchase agreement. It is depend on condition of agreement. It is not compulsory in each hire purchase agreement down payment made. V. Branch account records the trading transaction of different braches of the same business. Whether such branches are situated in the same town or at other town in India or abroad. Meaning of branch account: account which is opened in the book of head office and branches, related to branches are called branch account. The main 2
3 objective of these accounts is to know the working ability and profit and loss of the branches. They also include the final accounts related to them, by which their financial condition is known. VI. The main characteristics or features of joint venture are as follows: (1) Temporary partnership: The objective of joint venture is pre determined and it is of temporary nature. On the objective being achieved the joint venture is closed. Hence for this reason it is called as temporary partnership. (2) Specific object: The object of carrying on joint venture is certain. For example purchase or sale of any goods, to wok on contract, construction of building, underwriting of shares and debentures etc. he joint venture is considered suitable for these types of business. VII. Under the fluctuating capital method only one account i.e. capital account is maintained for each partner. All the adjustment such as share of profit and loss, interest on capital, drawing, and interest on drawings, salary or commission to partners etc are recorded directly in the capital accounts of the partners. This make recorded directly is the capital account of the partners. This makes the balance in the capital account to fluctuate from year to year. In the absences of instruction the capital account should be prepared by this method. The final balance is transferred to the liabilities side in the balance sheet if it has a credit or assets side, if it has a debit balance. It is a mixed form of capital account and current account prepared under fixed capital method. VIII. Amount of interest = total amount paid in hire purchase system cash Price of machine. 3
4 Total amount paid by hire purchase = X 3 = = 4000 IX. Objective of revaluation account (a) At the time of admission for knowing profit and loss on value of assets. (b) At the time of retirement & death for knowing market value of assets. With the help of revaluation a/c, we calculate the profit on assets & these profits will be distributed among existing partners. X. Basis of difference Joint venture consignment Meaning When two or more than two persons carries on a temporary business on combined risk then such a business is called a joint venture When the principal on his own risk and ownership transfer goods for the purpose of sale is termed as consignment. Ownership Parties The entire co venture is the owners of the goods of joint venture business. The parties involved in joint venture is all the co venture The principal or the consignor is the owner of goods. There are only two parties in it, the consignor and consignee. Scope Solution 2. Joint venture can be conducted for any legal business. In consignment only movable goods are concerned. Basis of difference Hire purchase system Installment system Nature of It is like a contract of hire, It is sale from the very contract though later on it becomes beginning. sale. 4
5 Transfer of ownership Return of goods Better title Responsibilities of normal repair Bailee Risk Here ownership is transferred after the payment of the last installment. On default of payment of installment, seller has a right to take back the goods. If buyers sell gods to third party before payment of the last installment, this third party does not get better title on these goods. Up to the time of payment of the last installment responsibility of the normal repair is on the seller because he continues to be the owner there of. Here buyer is like a bailee. Up to the payment of last installment risk is on the seller. Here ownership is transferred in the beginning at the time of sale. On default of payment of installment seller has no right to take back the goods from buyers. If the buyers sells the goods to the third party before the payment of the last installment this third party gets the better title on these goods Here seller is not at all responsible for the repair. Here buyer is not like a bailee. Risk is not on the seller. Solution 3. At the time of retirement of partner When amount of surrender value is not received from life insurance corporation and joint life policy a/c is open:- Joint life policy a/c Dr 5
6 To all partners capital a/c (Being surrender value of joint life policy credited to all partners capital accounts in their profit sharing ratio) When amount of surrender value is not received from life insurance Corporation and joint life policy a/c is closed:- Joint life policy a/c Dr To all partners capital a/c (Being surrender value of joint life policy credited to all capital accounts in their profit sharing ratio) partners remaining partners capital a/c Dr To joint life policy a/c (Being surrender value of joint life policy written off by remaining partners in their new profit sharing ratio) When surrender value of joint life policy is not to be shown and surrender value is to be entered through capital account of partner gaining partners capital a/c Dr To retiring partners capital a/c (Being retiring partners share in surrender value payable by gaining partners in their gaining ratio) When joint life policy is not to be kept in balance sheet: sometimes remaining partner may decide to close the JLP account after retirement of a partner remaining partners capital a/c Dr To joint life policy a/c (Being existing joint life policy in balance sheet written off by remaining partners in their new profit sharing ratio) At the time of death of partner 6
7 Payment of joint life premium every year Joint life policy a/c Dr To bank a/c (Being life insurance premium paid on joint life) Amount excess of surrender value written off to P&L a/c Profit and loss a/c Dr To joint life policy a/c (Being in excess of surrender value written off to profit and loss a/c) Amount of joint life policy being due Life insurance corporation a/c Dr To joint life policy a/c (Being the amount of joint life policy is due) Amount of joint life policy received Bank a/c Dr To life insurance policy a/c (Being amount of joint life policy received) Balance of joint life policy a/c transferred to partner s capital a/c Joint life policy a/c Dr To all partners capital a/c (Being the balance of joint life policy a/c transferred to all partners `` capital a/c in their profit sharing ratio) solution 4. Methods of valuation of goodwill Average profit method:- Goodwill = adjusted profit x purchase year Adjusted average profit = total adjusted profit No. of year Super profit method:- Goodwill = super profit x purchase year 7
8 Super profit = adjusted average profit -Normal profit Normal profit = Capital employed X profit % 100 Capitalization method:- Goodwill = super profit x 100 Normal profit % Annuity method:- Goodwill = super profit x present value of 1 Rs. (Explain above methods with the help of suitable numerical Solution 5. Joint venture a/c Particulars Amount Particular amount To joint bank a/c : Building mat By new company a/c Wages To dineshs a/c (material) To gopals a/c (architectures fees) To gopals a/c (machine supplied) To shares in new Company a/c ( loss on share 50 paise * shares) To interest on overdraft a/c To dinesh a/c (3/5) To gopal a/c (2/5) By gopals a/c (machine)
9 To shares in new company a/c To joint bank a/c Dinesh a/c particulars Amount particulars Amount By joint bank a/c By joint venture a/c By joint venture a/c To shares in new company a/c To joint venture a/c To joint bank a/c Gopals a/c Particulars Amount Particulars amount By joint bank a/c By joint venture a/c By joint venture a/c By joint venture a/c Shares in new company a/c Particulars Amount Particulars amount To new company a/c By gopals a/c By dineshs a/c By joint venture a/c New companys a/c Particulars Amount Particulars Amount To Joint venture A/c By joint Bank a/c By share in New company a/c
10 Solution 6. Branch a/c in the book of head office Particular Amount Particular Amount To opening stock 840 By cash a/c:- Cash sales 1460 To opening debtor 1345 Received from debtor 2387 To goods received from head office 2276 Closing stock 1280 Wages 415 Rent and tax Loss (balancing figure) Debtor s a/c Particulars Amount Particulars amount To balance b/d 1345 Cash received from debtor 2387 To credit sales (balancing figure) 1137 Sales return Bad debts Note: - credit balance of debtor a/c is treated as credit sales so not transfer in branch a/c Solution 7. 10
11 Analytical table principal installment Cash price Nil Hire vendor A/C Date 30/06 31/12 Particular To bal c/d Amount Date 1/1/02 30/06 31/12 Particular By wagon a/c By interest a/c By interest a/c Amount /06 31/ /1/03 30/06 31/12 By bal b/d By interest a/c By interest a/c Note; - interest rate p a but installment paid half yearly so int 3 % Wagon a/c Date Particular Amount Date Particular Amount 1/1/02 To hire vendor 31/12 By balance c/d a/c
12 Solution 8 Ram s Capital A/c Particulars Amount Particulars Amount To Executor s Loan a/c By Balance b/d By Reserve A/c(3500/3) By Goodwill A/c By Interest A/c By Profit& Loss A/c Executor s Loan A/c Date Particulars Amount Date Particulars 01/04/07 31/03/08 To balance c/d /04/07 31/03/08 By Ram s Capital a/c By Interest a/c /03/09 To balance c /d /04/08 31/03/09 By balance b/d By Interest a/c /03/10 To balance c /d /04/09 31/03/10 By balance b/d By Interest a/c /03/ /04/10 31/03/11 By balance b/d By Interest a/c
13 Note:(i) 6% calculate on balance b/d for each instalment (ii)( ) / 4 = principal amount of each instalment By : Kiran kaur Deptt. of Commerce GGV Bilaspur 13
SAMPLE QUESTION PAPER IN ACCOUNTANCY. Time: Three Hours Maximum Marks: 100
SAMPLE QUESTION PAPER IN ACCOUNTANCY Time: Three Hours Maximum Marks: 100 Note: The question paper is divided into two sections A and B. Attempt all questions of Section A and any one question of Section
More informationUnit-I: Accounting for Partnership Firms
MONTHLY SYLLABUS SESSION-2016-17 CLASS-XII SUBJECT : ACCOUNTANCY MONTH April 2016 CONTENTS PART A: Accounting for Partnership Firms and Companies Partnership: Features, Partnership Deed. Provisions of
More informationCENTRE FOR CONTINUING EDUCATION BBA (AVIATION OPERATION)
CENTRE FOR CONTINUING EDUCATION BBA (AVIATION OPERATION) BATCH: SEMESTER: NAME: ROLL NO: ASSIGNMENT 1 & 2 FOR BUSINESS ACCOUNTING BBCF 131 UNIVERSITY OF PETROLEUM & ENERGY STUDIES Assignment-1 Note: All
More informationPaper 2: Accounting _Syllabus 2008
TRIAL BALANCE and RECTIFICATION OF ERRORS Practice paper 2 1. Which of these errors does not affect agreement of Trial Balance. a) Errors of principle. b) Complete omission in subsidiary books. c) Compensating
More informationPaper 5- Financial Accounting
Paper 5- Financial Accounting Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 5- Financial Accounting Full Marks:100 Time allowed:
More informationTRADING ACCOUNT (Horizontal Format) for the year ended. Particulars. Rs.
Dr. To Opening Stock To Purchases Less: Returns outwards () To Frieght & Carriage To Customs & Insurance To Wages To Gas, Water & Fuel To Factory Expenses To Royalty on Production To Cargo Expenses To
More informationAdmission of a Partner. Accounting Treatment of Goodwill
Admission of a Partner Meaning According to Section 31 of Indian Partnership Act 1932 "A Partner can be admitted only consent of all the Existing Partners." Adjustments required when a New Partner is Admitted
More information14 Issues in Partnership Accounts
4 Issues in Partnership Accounts Learning Objectives After studying this unit, you will be able to: Understand the features of a partnership firm and the need for a Partnership Deed. Understand the points
More information: 1 : Time allowed : 3 hours Maximum marks : 100. Total number of questions : 6 Total number of printed pages : 7
Roll No : 1 : NEW SYLLABUS Time allowed : 3 hours Maximum marks : 100 Total number of questions : 6 Total number of printed pages : 7 NOTE : 1. Answer ALL Questions. 2. All working notes should be shown
More informationCASH FLOW STATEMENT. MODULE - 6A Analysis of Financial Statements. Cash Flow Statement. Notes
MODULE - 6A Cash Flow Statement 30 CASH FLOW STATEMENT In the previous lesson, you have learnt various types of analysis of financial statements and its tools such as comparative statements, common size
More informationBook-Keeping & Accountancy
Written as per the revised syllabus prescribed by the Maharashtra State Board of Secondary and Higher Secondary Education, Pune. STD. XII Commerce Book-Keeping & Accountancy Fourth Edition: March 2016
More informationCHAPTER 1 SINGLE ENTRY SYSTEM
ACCOUNTANCY SECTION A QUESTION NUMBERS 1 10 TOTAL MARKS 16 CHAPTER 1 SINGLE ENTRY SYSTEM 1.What is Single Entry System of Book keeping? Accounting records which are not maintained according to double entry
More informationΛΥΣΕΙΣ. Branch Stock Account
ΛΥΣΕΙΣ QUESTION Exercise Branch Stock Account Selling Price Cost Price Selling Price Cost Price Stock b/d (W) 32.00 2.400 Sales Cash 5.330 5.330 Coods Sent (W2) 46.700 97.800 Sales Credit 39.560 39.560
More informationCA CPT SAMPLE PAPER FUNDAMENTAL ACCOUNTING (60MARKS)
CA CPT SAMPLE PAPER FUNDAMENTAL ACCOUNTING (60MARKS) 1. Which of the following provide frame work and accounting policies so that the financial statements of different enterprises become comparable? (a)
More informationB.Com. Part-I : Financial Accounting Sem.-I : Unit-2 Amalgamation of Partnership Firms
B.Com. Part-I : Financial Accounting Sem.-I : Unit-2 Amalgamation of Partnership Firms 0. Objectives - After studying this unit, you will be able to : 1. Understand the concept of Amalgamation of Partnership
More informationB. Division of Costs The purpose of a Manufacturing Account is to ascertain Cost of Production ( ).
Manufacturing Accounts ( ) S5 Manufacturing Account/LWL A. Function of a Manufacturing Acccount For those businesses which deal with manufacturing products. It is common in today s business to act both
More informationFINANCIAL STATEMENTS ANALYSIS - AN INTRODUCTION
27 FINANCIAL STATEMENTS ANALYSIS - AN INTRODUCTION You have already learnt about the preparation of financial statements i.e. Balance Sheet and Trading and Profit and Loss Account in the module titled
More informationFINANCIAL STATEMENTS-II
MODULE - 3 15 FINANCIAL STATEMENTS-II You have learnt that Income Statement i.e. Trading & Profit and Loss Account and Position Statement i.e., Balance Sheet are two financial statements, which are prepared
More informationACCOUNTANCY CLASS XII DESIGN OF THE QUESTION PAPER
78 ACCOUNTANCY CLASS XII DESIGN OF THE QUESTION PAPER Times : 3Hours Maximum Marks 80 1. Weightage of Objectives S. NO. OBJECTIVES MARKS % OF MARKS 1. Knowledge 16 20% 2. Understanding 56 70% 3. Application
More informationThe Question Paper Design, Syllabus, Sample Question Paper. and. Marking Scheme. Accountancy (Code No.055) Class XII
The Question Paper Design, Syllabus, Sample Question Paper and Marking Scheme In Accountancy (Code No.055) Class XII Effective for Board Examination 2015 CENTRAL BOARD OF SECONDARY EDUCATION 1 SYLLABUS
More informationACCOUNTANCY (CLASSES XI-XII)
ACCOUNTANCY (CLASSES XI-XII) Rationale 136 The course in Accountancy is introduced at + 2 stage of Senior education, as mal commerce education is provided after first ten years of schooling. With the fast
More informationCONTENTS. Kevin O Riordan 2000 ISBN 1841 31 3750. Folens Publishers, Hibernian Industrial Estate, Greenhills Road. Tallaght, Dublin 24.
CONTENTS Chapter 2: Double-Entry Book-keeping and the Trial Balance... 1 Chapter 3: Profit Measurement and Balance Sheet Preparation... 5 Chapter 4: Value Added Tax and Statutory Deductions... 8 Chapter
More informationM. Com (1st Semester) Examination, 2013 Paper Code: AS-2368. * (Prepared by: Harish Khandelwal, Assistant Professor, Department of Commerce, GGV)
Model Answer/suggested solution Business Finance M. Com (1st Semester) Examination, 2013 Paper Code: AS-2368 * (Prepared by: Harish Khandelwal, Assistant Professor, Department of Commerce, GGV) Note: These
More informationTrading Profit and Loss Account
Trading Profit and Loss Account Trading Account The trading account shows the income from sales and the direct costs of making those sales. It includes the balance of stocks at the start and end of the
More informationINSTITUTE OF FINANCIAL ACCOUNTANTS JUNE 2011 EXAMINATION. D1. Financial Accounting
1 INSTITUTE OF FINANCIAL ACCOUNTANTS JUNE 2011 EXAMINATION D1. Financial Accounting Instructions to candidates 1. Time allowed is 3 hours and 10 minutes, which includes 10 minutes reading time. 2. This
More informationACCOUNTANCY HIGHER SECONDARY SECOND YEAR VOLUME I. Untouchability is a Sin Untouchability is a Crime Untouchability is Inhuman
ACCOUNTANCY HIGHER SECONDARY SECOND YEAR VOLUME I Untouchability is a Sin Untouchability is a Crime Untouchability is Inhuman TAMILNADU TEXTBOOK CORPORATION College Road, Chennai - 600 006. Government
More informationBusiness Accounting. 2. A bank reconciliation statement is prepared to know the causes for the differances between:
Business Accounting 1. Purchase Book records: a. All Cash Purchases b. All Credit Purchases c. Credit Purchase of goods in trade d. None of the above 2. A bank reconciliation statement is prepared to know
More informationClosing the Books Section 7 Accounting 11
Closing the Books At the end of a fiscal year once all the transactions for the entity have been recorded, the revenue and expense accounts must be closed out to a zero balance. These accounts have been
More informationRatio Analysis. A) Liquidity Ratio : - 1) Current ratio = Current asset Current Liability
A) Liquidity Ratio : - Ratio Analysis 1) Current ratio = Current asset Current Liability 2) Quick ratio or Acid Test ratio = Quick Asset Quick liability Quick Asset = Current Asset Stock Quick Liability
More informationWIPRO DOHA LLC FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED MARCH 31, 2016
WIPRO DOHA LLC FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED MARCH 31, 2016 WIPRO DOHA LLC BALANCE SHEET (Amount in ` except share and per share data, unless otherwise stated) As at March 31, 2016
More informationFINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING FORMATION 2 EXAMINATION - AUGUST 2012 NOTES: You are required to answer Question 1. You are also required to answer any three out of Questions 2 to 5. (If you provide answers to all
More informationModel Answer Corporate Financial Accounting As-2372
Answer 1: I. Share holders II. Provisions III. Legal expenses IV. Model Answer Corporate Financial Accounting As-2372 Members voluntary winding-up can be resorted to by solvent companies and thus requires
More information6. Show all your workings. icpar
CERTIFIED PUBLIC ACCOUNTANT FOUNDATION LEVEL 1 EXAMINATION F1.3: FINANCIAL ACCOUNTING MONDAY: 10 JUNE 2013 INSTRUCTIONS: 1. Time Allowed: 3 hours 15 minutes (15 minutes reading and 3 hours writing). 2.
More informationFINAL ACCOUNTS FINAL ACCOUNTS AND THE TRIAL BALANCE
12 FINAL ACCOUNTS For most businesses, the final accounts, which are produced at the end of each financial year, comprise: trading account profit and loss account balance sheet Final accounts can be presented
More information2 Inventories CHAPTER 2.0 INTRODUCTION 2.1 WHAT IS INVENTORY? LEARNING OUTCOMES
CHAPTER 2 Inventories LEARNING OUTCOMES At the end of this chapter, students should be able to: determine the inventory cost differentiate and calculate inventory using the Periodic and Perpetual systems
More informationCORPORATE ACCOUNTING
CORPORATE ACCOUNTING CORE COURSE BCom (2011 Admission) III SEMESTER UNIVERSITY OF CALICUT SCHOOL OF DISTANCE EDUCATION Calicut University P.O. Malappuram, Kerala, India 673 635 329 UNIVERSITY OF CALICUT
More informationProblems on Balance Sheet of a Company as per Revised Schedule III of the Companies Act 2013
Problems on Balance Sheet of a Company as per Revised Schedule III of the Companies Act 2013 FORMAT OF BALANCE SHEET BALANCE SHEET of.company Limited as on 31 st March. Particulars Note No. Amount (Rs.)
More informationACCOUNTING FOR BUSINESS TRANSACTIONS
MODULE - 1 4 ACCOUNTING FOR BUSINESS TRANSACTIONS You visit the shop of a person known to you and observe the activities he/ she is doing. He/she is selling goods for cash and on credit, collecting payments,
More informationCoimisiún na Scrúduithe Stáit State Examinations Commission. Leaving Certificate 2014. Marking Scheme. Accounting. Higher Level
Coimisiún na Scrúduithe Stáit State Examinations Commission Leaving Certificate 2014 Marking Scheme Accounting Higher Level Note to teachers and students on the use of published marking schemes Marking
More informationHow To Write A Report On The Unaudited Accounts Of A Sole Trader
Accounts 31 December 2007 Approval statement I approve these accounts which comprise the Profit and Loss Account, Balance Sheet and related notes. I acknowledge my responsibility for the accounts, including
More informationINTERNATIONAL ACCOUNTING STANDARDS. CIE Guidance for teachers of. 7110 Principles of Accounts and. 0452 Accounting
www.xtremepapers.com INTERNATIONAL ACCOUNTING STANDARDS CIE Guidance for teachers of 7110 Principles of Accounts and 0452 Accounting 1 CONTENTS Introduction...3 Use of this document... 3 Users of financial
More informationLarge Company Limited. Report and Accounts. 31 December 2009
Registered number 123456 Large Company Limited Report and Accounts 31 December 2009 Report and accounts Contents Page Company information 1 Directors' report 2 Statement of directors' responsibilities
More informationModel Answers. Subject Working capital Management. Paper code-as-2377
Model Answers Subject Working capital Management Paper code-as-2377 (Prepared by: Gnyana Ranjan Bal, Asst. Professor, Dept. of Commerce, GGV) (Note-These models answers are only depiction of important
More informationUNIVERSITY EXAMINATIONS COURSE TITLE: FINANCIAL ACCOUNTING DATE: 19/08/2010
KABARAK UNIVERSITY UNIVERSITY EXAMINATIONS /2010 ACADEMIC YEAR FOR THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION COURSE CODE: ACCT 510 COURSE TITLE: FINANCIAL ACCOUNTING STREAM: DAY: TIME: MBA THURSDAY
More information2013 Accounting. Higher - Solutions. Finalised Marking Instructions
2013 Accounting Higher - Solutions Finalised Marking Instructions Scottish Qualifications Authority 2013 The information in this publication may be reproduced to support SQA qualifications only on a non-commercial
More informationRatio Analysis 0.75. Fixed Assets Fixed Assets + Net Working Capital =0.75 Fixed Assets
Ratio Analysis CA Past Years Exam Answer Answer to Q.1: (Nov, 009) Fixed assets ` 18,00,000 Proprietor s funds ` 4,00,000 Note: 1 Ratio of fixed assets to proprietor s funds 0.75 Properietors Fund 0.75
More informationCompany Accounts, Cost and Management Accounting
Company Accounts, Cost and Management Accounting Roll No : 1 : 262 Time allowed : 3 hours Maximum marks : 100 Total number of questions : 8 Total number of printed pages : 8 NOTE : All working notes should
More informationSmall Company Limited. Report and Accounts. 31 December 2007
Registered number 123456 Small Company Limited Report and Accounts 31 December 2007 Report and accounts Contents Page Company information 1 Directors' report 2 Accountants' report 3 Profit and loss account
More informationRecognition of Prior Experience Assessment of Competence Checklist
Recognition of Prior Experience Assessment of Competence Checklist Please read the following guidance on completing this form. In applying for professional membership of the Institute of Financial Accountants,
More informationAccounting Basics. Prepared for First Year MBA
Accounting Basics Prepared for First Year MBA Overview S No Particulars 01 Introduction to Accounting 02 Accounting Equation 03 Types of Transactions 04 Purchase and Sales 05 Types of Accounts 06 Golden
More informationModel Answer. M.Com IV Semester. Financial market and financial services. Paper code- AS 2384
Model Answer M.Com IV Semester Financial market and financial services Paper code- AS 2384 1. (I) Money Market is a market for short term loans or financial assets. As the name implies it does not deal
More informationWhat is a business plan?
What is a business plan? A business plan is the presentation of an idea for a new business. When a person (or group) is planning to open a business, there is a great deal of research that must be done
More informationCLASS XI CLASS XI SEMESTER I
CLASS XI Paper 3 Hours 0 Marks PERIODS MARKS PART A : FINANCIAL ACCOUNTING I Unit 1 : Introduction to Accounting Unit 2 : Theory Base of Accounting Unit 3 : Generation of Vouchers and Recording of Transactions
More informationAccounting Foundations
1 Accounting Foundations Terry Marris June 2013 7 Unsold Stock Previously we have assumed that goods purchased for resale have all been sold by the end of the financial year. We see how unsold stock affects
More informationCOUNCIL FOR THE INDIAN SCHOOL CERTIFICATE EXAMINATIONS P-35,36, Sector VI, Pushp Vihar, New Delhi-110017 NEW DELHI ISC ACCOUNTS
COUNCIL FOR THE INDIAN SCHOOL CERTIFICATE EXAMINATIONS P-35,36, Sector VI, Pushp Vihar, New Delhi-110017 NEW DELHI ISC ACCOUNTS Guidelines pertaining to Revised Schedule VI of Part I & II of Companies
More informationUNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS 0452 ACCOUNTING. 0452/01 Paper 1 (Multiple Choice), maximum mark 40
www.xtremepapers.com UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the June 2004 question papers 0452 ACCOUNTING 0452/01 Paper
More informationnot to be republished NCERT In the earlier chapters, you have learnt about the Trial Balance and Rectification of Errors 6
Trial Balance and Rectification of Errors 6 LEARNING OBJECTIVES After studying this chapter, you will be able to : state the meaning of trial balance; enumerate the objectives of preparing trial balance
More informationInsurance Claims for Loss of Stock and Loss of Profit
13 Insurance Claims for Loss of Stock and Loss of Profit BASIC CONCEPTS 1. Claim for Loss of Stock 2. Claim for Loss of Profit Gross Profit Net Profit Insured Standing Charges Claim for loss of stock can
More informationFinal Examination Semester 2 / Year 2012
Final Examination Semester 2 / Year 2012 COURSE : ACCOUNTING COURSE CODE : ACCT1023 TIME : 2 1/2 HOURS DEPARTMENT : COMPUTER SCIENCE/INFORMATION TECHNOLOGY LECTURER : CHUAH SWEE AUN Student s ID : Batch
More informationC. A. FINAL FINANCIAL REPORTING VALUE ADDED STATEMENT
C. A. FINAL FINANCIAL REPORTING VALUE ADDED STATEMENT Q.1. X Ltd. had been preparing value added statement for the past five years. The personnel manager of company has suggested that a value added incentive
More information<NAME OF THE BROKERING FIRM> STATEMENT OF FINANCIAL POSITION AS AT <.>
ASSETS STATEMENT OF FINANCIAL POSITION AS AT NOTES ANNEXURE 4 NON CURRENT ASSETS PROPERTY, PLANT & EQUIPMENT 1 INTANGIBLE ASSETS 2 INVESTMENT IN SUBSIDIARIES 3 INVESTMENT
More informationBUSINESS BOOKKEEPING & ACCOUNTS Designed to produce bookkeeping and accounts personnel trained in the
INTERNATIONAL DIPLOMA PROGRAM ON BUSINESS BOOKKEEPING & ACCOUNTS Designed to produce bookkeeping and accounts personnel trained in the MODERN PRACTICAL METHODS OF ACCOUNTING Trained and competent bookkeeping
More informationLearning Module 3 Journal Entries
Learning Module 3 Journal Entries The Accounting Equation Balance Sheet Income Statement = + + - Assets Liabilities Owners' Equity Revenue Expenses Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Recording journal
More informationFINANCIAL MANAGEMENT
STUDY MATERIAL:- FINANCIAL MANAGEMENT VERY SHORT QUESTIONS ( 1 MARK) 1 Define Financial Management. Ans financial management is that specialized activity which is responsible for obtaining and affectively
More information12. FINANCIAL MANAGEMENT
12. FINANCIAL MANAGEMENT Financing the business The capital of a business consists of those funds used to start and run the business. Capital may be of two types: fixed and working. Fixed capital refers
More informationACCOUNTING SOLUTIONS SCO: 209, First Floor, Sector-36/D. Chandigarh (M): 0172-5017149, 9876149390,9915169925 HOLDING COMPANIES
: ACCOUNTING SOLUTIONS HOLDING COMPANIES When a company acquires majority of shares in the ownership or is in a position to control the management of the other company, the company is called a holding
More informationDouble entry bookkeeping
ACCOUNTS PREPARATION I Double entry bookkeeping Introduction A sound knowledge of double entry underpins many of the learning outcomes and skills required for Accounts Preparation I. A sound understanding
More informationMARK SCHEME for the May/June 2007 question paper 0452 ACCOUNTING. 0452/03 Paper 3, maximum raw mark 100
www.xtremepapers.com UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the May/June question paper 0452 ACCOUNTING 0452/03 Paper
More informationMARK SCHEME for the October/November 2010 question paper for the guidance of teachers 0452 ACCOUNTING. 0452/22 Paper 2, maximum raw mark 120
www.xtremepapers.com UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the October/November 2010 question paper for the guidance
More information0452 ACCOUNTING 0452/02 Paper 2, maximum raw mark 100
www.xtremepapers.com UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the October/November 2009 question paper for the guidance
More informationACCOUNTING FOR SHARE CAPITAL
CHAPTER 7 ACCOUNTING FOR SHARE CAPITAL (Share and Share Capital : Nature and types) A Company is an artificial person created by law, having separate entity with a perpetual succession and a common seal.
More informationCHAPTER 10 Financial Statements NOTE
NOTE In practice, accruals accounts and prepayments accounts are implied rather than drawn up. It is common for expense accounts to show simply a balance c/d and a balance b/d. The accrual or prepayment
More informationInsurance (General Insurance Business Solvency) Rules 2007 (Consolidated version with amendments as at 31 December 2010)
The text below is an internet version of the rules issued by the Financial Services Commission under the Insurance Act 2005 and is for information purpose only. Whilst reasonable care has been taken to
More informationFINANCIAL STATEMENTS (Not For Profit Organisations)
17 FINANCIAL STATEMENTS (Not For Profit Organisations) You have learnt that Not for Profit Organisations (NPOs) such as Clubs, Hospitals, Blood Banks, Schools, Non-Governmental Organisations (NGOs) creating
More informationSOLE TRADER FINAL ACCOUNTS
6 SOLE TRADER FINAL ACCOUNTS CASE STUDY Starting out in business Olivia Boulton used to work as a buyer of kitchen and cookware goods for a large department store in central London. She was good at her
More informationUNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education
*0018636067* UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education ACCOUNTING 0452/13 Paper 1 October/November 2013 Candidates answer on the Question
More informationIntermediate Stage September 2008 Examination. Financial Accounting & Reporting (FAR / 601)
Copyright Reserved Serial No Intermediate Stage September 2008 Examination Examination Date : 20 th September 2008 Number of Pages : 07 Examination Time: 9.30a:m.-12.30p:m. Number of Questions: 05 Instructions
More informationAccounting for Branches Including Foreign Branch Accounts
9 Accounting for Branches Including Foreign Branch Accounts BASIC CONCEPTS Types of branches Dependent branches Independent branches Based on accounting point of view, branches may be classified as follows:
More informationFINANCIAL STATEMENTS OF NON PROFIT ORGANISATION Chapter 9. Not for profit organisation
IPCC CHAPTER 11 FINANCIAL STATEMENTS OF NON PROFIT ORGANISATION Chapter 9 PROF. RAHUL J. MALKAN Not for profit organisation INTRODUCTION A Non profit organisation is a legal and accounting entity that
More informationFINANCIAL STATEMENTS-I
14 FINANCIAL STATEMENTS-I You have learnt the meaning of the financial statements and the need to prepare these for the business organisations. You have also learnt the format of these statements and the
More informationCHAPTER 16. Non-current assets: Revaluation, disposal and other aspects CONTENTS
CHAPTER 16 Non-current assets: Revaluation, disposal and other aspects CONTENTS 16.1 Non-current asset disposals 16.2 Revaluation and disposal 16.3 Intangibles and natural resources 16.4 Goodwill and discount
More informationChart of Accounts - Sole Trader
Chart of Accounts - Sole Trader The basic road map into any accounting system is the chart of accounts. It is this chart that helps establish the information that will be captured by your accounting system,
More informationSuggested layouts for financial statements in Accounting Courses National 5 and Higher
Suggested layouts for financial statements in Accounting Courses National 5 and Higher The following suggested layouts may be used when presenting financial statements in the Accounting Courses for National
More informationIntroduction to Profit and Loss Accounts and Balance Sheets
W J E C B U S I N E S S S T U D I E S A L E V E L R E S O U R C E S. 2008 Spec Issue 2 Sept 2012 Page 1 Introduction to Profit and Loss Accounts and Balance Sheets Specification Requirement -Understand
More informationPREPARING FINAL ACCOUNTS. part
15_1312MH_CH09 27/1/05 8:38 am Page 87 PREPARING part 3 FINAL ACCOUNTS 9 The final accounts of sole traders 10 Accounting principles, concepts and policies 11 Depreciation and fixed assets 12 Bad debts
More informationTHE CONCEPTUAL FRAMEWORK OF FACTORING ON SMALL AND MEDIUM ENTERPRISES
THE CONCEPTUAL FRAMEWORK OF FACTORING ON SMALL AND MEDIUM ENTERPRISES Minaxi Rani Assistant Professor (Extn.), Department of Commerce, Govt. College for women P.G. College, Hisar, Haryana, (India) ABSTRACT
More informationMARK SCHEME for the May/June 2011 question paper for the guidance of teachers 0452 ACCOUNTING. 0452/11 Paper 1, maximum raw mark 120
www.xtremepapers.com UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the May/June 2011 question paper for the guidance of teachers
More informationLevel 3 Accounting Solutions Booklet. For further information contact us: Tel. +44 (0) 8707 202909 Email. enquiries@ediplc.com www.lcci.org.
Level 3 Accounting Solutions Booklet For further information contact us: Tel. +44 (0) 8707 202909 Email. enquiries@ediplc.com www.lcci.org.uk London Chamber of Commerce and Industry (LCCI) International
More informationVersion 2. Genera June 2012. unting. Accou. (Spec. cts of. Final
Version 2 Genera al Certificate of Education June 2012 (A-level) Accou unting ACCN3 (Spec cification 2120) Unit 3: Further Aspec cts of Financial Accounting Final Mark Schemee Mark schemes are prepared
More informationWe have so far studied accounting records of
Accounts from Incomplete Records 11 LEARNING OBJECTIVES After studying this chapter, you will be able to : state the meaning and features of incomplete records; calculate profit or loss using the statement
More informationANNUAL RETURN: FORM 1 - FUND BALANCE SHEET
ANNUAL RETURN: FORM - FUND BALANCE SHEET R98G General: Singapore Insurance Fund Annex Row No. ASSETS Equity securities A Debt securities B Land and buildings C Loans D Cash and deposits 5,96,57 Other invested
More informationLevel 2 Book-keeping & Accounts Solutions Booklet
Level 2 Book-keeping & Accounts Solutions Booklet For further information contact us: Tel. +44 (0) 8707 202909 Email. enquiries@ediplc.com www.lcci.org.uk London Chamber of Commerce and Industry (LCCI)
More informationACCOUNTING FOR PARTNERSHIP
CHAPTER 1 ACCOUNTING FOR PARTNERSHIP BASIC CONCEPTS LEARNING OBJECTIVES After studying this chapter you will be able to : l Define partnership and list its essential features; l Explain the meaning and
More informationEXERCISES LESSON 3 BALANCE SHEET
DEPARTAMENTO DE CONTABILIDAD Y ECONOMÍA FINANCIERA ESCUELA UNIVERSITARIA DE ESTUDIOS EMPRESARIALES FINANCIAL ACCOUNTING (DIPLOMATURA EN CIENCIAS EMPRESARIALES, 2º CURSO, GRUPO 5) 2008-2009 EXERCISES LESSON
More informationAccounting, CPT Chapter 6 CA PRATHAP SS
Accounting, CPT Chapter 6 CA PRATHAP SS INTRODUCTION Preparation of Final Accounts is the last phase of the Accounting Process. INTRODUCTION The process of accounting starts from Transaction then entered
More informationAccounting. Financial Accounting: Published Final Accounts and Issues of Shares Pack [ADVANCED HIGHER] Anne Duff. abc
Accounting Financial Accounting: Published Final Accounts and Issues of Shares Pack [ADVANCED HIGHER] Anne Duff abc The Scottish Qualifications Authority regularly reviews the arrangements for National
More informationBUSINESS ACCOUNTS. sample documents. sourced from www.osbornebooks.co.uk
BUSINESS ACCOUNTS sample documents sourced from www.osbornebooks.co.uk Sample documents document page invoice 3 statement 4 double-entry accounts 5 cash book 6 petty cash book 7 extended trial balance
More informationWORKING CAPITAL MANAGEMENT
CHAPTER 9 WORKING CAPITAL MANAGEMENT Working capital is the long term fund required to run the day to day operations of the business. The company starts with cash. It buys raw materials, employs staff
More informationCash Flow Statement. IPCC Paper 1: Accounting/Financial Management Chapter 2 -Unit 2. CA. Pankaj Goel
Cash Flow Statement IPCC Paper 1: Accounting/Financial Management Chapter 2 -Unit 2 1 CA. Pankaj Goel Questions that Cash Flow Statement Answers 1 Where did the cash come from? 2 3 What purpose cash used
More informationPaper 7- Direct Taxation
Paper 7- Direct Taxation Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 7- Direct Taxation Full Marks:100 Time allowed: 3 hours
More information