Financial Accounting Notes
The Eduladder is a community of students, teachers, and programmers just interested to make you pass any exams. So we solve previous year question papers for you.
See Our team
Wondering how we keep quality?
Got unsolved questions?

Ask Questions

Use Me  ?

New searches

You are here:Open notes-->Bangalore-University-->Financial-Accounting-Notes

Financial Accounting Notes

How to study this subject

OBJECTIVE

The objective of this course is to acquaint students with the accounting concepts,
tools and Techniques influencing business organizations.

Unit 1: INTRODUCTION TO FINANCIAL ACCOUNTING 10 Hours

Introduction – Meaning and Definition – Objectives of Accounting – Functions of
Accounting – Users of Accounting Information – Limitations of Accounting – Accounting
Principles – Accounting Concepts and Accounting Conventions- problems on accounting
equations.

Unit 2: CONVERSION OF SINGLE ENTRY INTO DOUBLE ENTRY
SYSTEM 14 Hours


Single entry system- Introduction – Meaning – Features – Merits – Demerits – Types.
Conversion into Double Entry system – Need for Conversion – Preparation of Statement
of Affairs – Cashbook – Memorandum Trading Account – Total Debtors Account – Total
Creditors Account – Bills Receivable Account – Bills Payable Account – Trading and Profit
& Loss Account – Balance Sheet.

Unit 3: HIRE PURCHASE SYSTEM 12 Hours

Introduction – Meaning of Hire Purchase and installment purchase system- difference
between hire purchase and installment purchase – Important Definitions – Hire
Purchase Agreement – Hire Purchase Price – Cash Price – Hire Purchase Charges – Net
Hire Purchase Price – Net Cash Price – Calculation of Interest – Calculation of Cash Price
– Journal Entries and Ledger Accounts in the books of Hire Purchaser and Hire Vendor
(Asset Accrual Method only). Problems on hire purchase including default and complete
repossession of goods.

Unit 4: ROYALTY ACCOUNTS 12 Hours

Introduction – Meaning – Technical Terms – Royalty – Landlord – Tenant – Minimum
Rent – Short Workings – Recoupment of Short Working under (Fixed Period) restrictive
and non-restrictive (Floating Period) Recoupment within the Life of a Lease – Treatment
of Strike and Stoppage of work – Accounting Treatment in the books of Lessee and
lessor – passing of journal entries and Preparation of necessary Ledger Accounts
including minimum rent account.

Unit 5: CONVERSION OF PARTNERSHIP FIRM INTO A LIMITED COMPANY – 12 Hrs

Introduction – Need for conversion - Meaning of Purchase Consideration – Mode of
Discharge of Purchase Consideration – Methods of calculation of Purchase Consideration
– Net Payment Method – Net Assets Method – Passing of Journal Entries and Preparation
of Ledger Accounts in the books of Vendor – Treatment of certain items – Dissolution
Expenses – Unrecorded Assets and Liabilities – Assets and Liabilities not taken over by
the Purchasing Company – Contingent liabilities – Non-assumption of trade liabilities – In
the books of Company – Passing of Incorporation entries and preparation of balance
sheet under vertical format.

SKILL DEVELOPMENT

• List out various accounting concepts and convections ( GAAP)
• Collection & recording of Royalty agreement with regard to any suitable situation.
• Collection and recording of Hire Purchase Agreement.
• Ascertainment of Cash Price and Interest under Hire Purchase System.
• Draft Joint venture agreement with regard to any suitable situation
BOOKS FOR REFERENCE

1) Dr. S.N. Maheswari: Financial Accounting
2) B. S Raman: Financial Accounting
3) S P Jain and K. L. Narang: Financial Accounting- I 8

4) Radhaswamy and R.L. Gupta: Advanced Accounting
5) Jawaharlal & Seema Srivastava :Financial Accounting,HPH
6) Guruprasad Murthy: Financial Accounting
7) Dr. Anil Kumar,Dr. Rajesh Kumar, B.Mariyappa : Financial Accounting
8) S. Jayapandian: Financial Accounting from Zero.



Add contents here

Official Notes


Add contents here

Notes from other sources


Add contents here

Model question papers


Add contents here

Previous year question papers


Add contents here

Useful links


Add contents here

Editors




Join eduladder!