Our experience in teaching commerce subjects, especially Accountancy, is in the form of this book in your hands. This book “Financial Accounting” is prepared for the New SEP syllabus requirements of Second Semester BBA.
Being student friendly is the unique feature of this book. The subject matter has been presented systematically, which can enable the reader to master the topics covered, without any additional guidance. Most later provisions have been incorporated in this book.
Contents –
UNIT 1 FINAL ACCOUNTS OF PARTNERSHIP FIRM
Meaning of Partnership Firm, Partnership deed-clauses in Partnership deed, Preparation of Final accounts of partnership firm-Trading and Profit and Loss Account, Profit and Loss Appropriation Account, Partners capital account (fluctuating method only) and Balance sheet
UNIT 2 INSURANCE CLAIMS
Meaning, need, loss of stock policy, steps for ascertaining fire insurance claims, treatment of salvage, average clause, treatment of abnormal items, simple problems on fire insurance claims
UNIT 3 ACCOUNTING FOR JOINT VENTURES
Meaning, objectives, distinction between joint venture and partnership, Simple problems on preparation of ledger accounts when separate set of books are maintained for joint ventures; Simple problems on preparation of ledger accounts when separate set of books are not maintained for joint ventures (excluding problems on journal entries in both the cases)
UNIT 4 CONVERSION OF PARTNERSHIP INTO A LIMITED COMPANY
Meaning, objectives of conversion, Purchase consideration: Meaning, methods of calculation of purchase consideration (net asset method, net payment method and lump sum method); Modes of discharge of purchase consideration; Simple problems on preparation of ledger accounts in the books of vendor (excluding problems on journal entries); Incorporation journal entries and preparation of balance sheet of the purchasing company
UNIT 5 RECENT DEVELOPMENTS IN ACCOUNTING
Human Resource Accounting, Social Responsibility Accounting, Forensic Accounting, Green Accounting and Sustainable Reporting (concepts only)