Financial Accounting By TS Reddy

Introduction to Accounting

(a) Basic Accounting Concepts and Conventions
(b) The Accounting Cycle – Books and Records
Trial Balance
Rectification of Errors
Final Accounts
Bank Reconciliation Statement
Depreciation Accounting
Fire Insurance Claims
Single entry system
Accounts of Non-Profit Organisations
Branch Accounts
Departmental Accounting
Hire purchase and Instalment Purchase Systems
Partnership – Fundamentals
Admission of a Partner
Retirement, Retirement cum Admission & Death of a Partner
Dissolution of a firm

Book Author

T.S. Reddy & A. Murthy

Publisher _Margham Publications

Language- English

For

B.Com. (C.S.), B.Sc. Allied and Other Courses.

For Semester 1

Unit I: Preparation of Financial Statement
Final accounts of sole trading concern-Adjustments-Receipts and Payments.
Income and expenditure- Balance sheet of non-trading organization.
Unit II: Depreciation and Insurance Claims
Depreciation Accounting: Depreciation-Meaning-Causes-Types-Straight
Line Method-Written down value method-Concept of useful life under Companies
Act 2015 – Insurance Accounting: Insurance claims
Calculation of Claim
amount-Average clause(Loss of stock only).
Unit III: Single entry system
Meaning and Features of Single entry-Defects-Difference between single
entry and double entry system-Methods of calculation of Profit-Statement of
Affairs Method-Conversion Method
Unit IV: Rectification of Errors and Bank Reconciliation Statement
Classification of Errors-Rectification of Errors – Preparation of Suspensear
Bank Reconciliation Statement- Need and preparation.
Unit V: Hire Purchase and Instalment System
Hire Purchase System-Default and repossession-Hire purchase tradit
account – Instalment System-Calculation of Profit.

For Semester 2

Unit I: Branch Accounts
Dependent Branches – Stock and Debtors system – Distinction between
Wholesale Profit and Retail Profit – Independent Branches (Foreign Branches
excluded).
Unit I : Departmental Accounts
Basis of Allocation of Expenses – Calculation of Profit – Inter-departmental
Transfer at cost or Selling Price.
Unit IlI : Partnership Accounts
Admission of a Partner – Retirement of a Partner – Death of a Partner.
Unit IV : Partnership Accounts
Dissolution of a Partnership Firm – Insolvency of a Partner – Insolvency of
all Partners-Piecemeal Distribution of cash in case of Liquidation of Partnership
Fim.
Unit V : Accounting Standards for financial reporting
Objectives and uses of financial statements for users of accounting
standards-Development of accounting standards in India – Requirements of
international accounting standards – Role of developing IFS – IFRS adoption
or convergence in India – Implementation plan in India – Ind AS-Difference
between Ind AS and IFRS.