Our experience in teaching commerce subjects, especially Accountancy, is in the form of this book in your hands. This book “Advanced Financial Accounting” is prepared for the New SEP syllabus requirements of Second Semester B.Com.
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: Insurance Claims for Loss of Stock
Insurance Claims- Meaning, Need and Advantages of Fire Insurance; Special terminologies in Fire Insurance Claims – Insurer, Insured, Premium, Salvage, Insurance Policy, Sum Assured, Under Insurance, Over Insurance, Average Clause; Ascertainment of Fire Insurance Claim including on Abnormal Line of Goods- Problems
UNIT – 2: Sale to a Company or Conversion of Partnership to a Limited Company
Introduction-Meaning of Sale or Conversion of Partnership-Meaning of Purchase Consideration – Methods of Calculating Purchase Consideration, Closing the books of Partnership Firm (Ledger Accounts only): Passing Opening Journal Entries and preparing Opening Balance Sheet (Vertical form) in the books of Company – Problems
UNIT – 3: Departmental Accounts
Meaning and Features of Departmental Undertakings; Examples of Department Specific Expenses and Common Expenses; Need and Bases of Apportionment of Common Expenses; Preparation of Statement of Profit in Columnar form, Statement of General Profit/Loss and Balance Sheet(Vertical form only); Inter-Departmental Transfers at Cost Price – Simple Problems
UNIT – 4: Royalty Accounts
Introduction-Meaning, Terms used in Royalty Agreement- Lessee, Lessor, Minimum Rent, Short Workings, Recoupment of Short Workings with Strike and Lockout Periods; Accounting Treatment in the book of Lessee only–Journal Entries and Ledger Accounts including Minimum Rent Account. (Excluding Sub-Lease and Lessor’s books)- Problems
UNIT – 5: Emerging Trends in Accounting
Digital transformation of Accounting; Big Data Analytics in Accounting; Cloud Computing in Accounting; Green Accounting; Human Resource Accounting; Inflation Accounting; Database Accounting.(Meaning and Features only)
