Capital and Revenue Transactions – Income Recognition
Classification of Assets and Liabilities
Basis of profits – Types of accounts
Recording of transactions (Journal)
Classification of accounts ( Ledger) – Verification (Trial balance)
UNIT 2:
Bill of Exchange: Meaning – Credit sales – Debtors – Creditors – Drawer – Drawee – features of Bill of Exchange – Accounting for Honour and Dishonour of Bill of Exchange – Accommodation Bills.
UNIT 3:
Average Due Date – Account Current: Interest Method, Product Method, and Table Method – Red Ink Interest. Bank reconciliation statement: Meaning – Preparation of customer account in the Bank Book and bank account in Customer Book (with common 10 entries covering two financial periods) – Identifying the reasons for disagreement of balances – Reconciliation for normal and overdraft closing and opening balances.
UNIT 4:
Rectification of Errors – Final Accounts – Adjustments: Provision for bad and doubtful debts, Depreciation, Tax, Expenses and Income – Calculation of Profit under Cash basis – Preparation of Trading Account, Profit and Loss account and Balance Sheet.
UNIT 5:
Non-Profit Organization – Meaning – Types: Social Clubs, Sports Clubs, Educational Institutions – Major Receipts and Payments – Preparation of Receipts and Payment account – Preparation of Balance Sheet at the beginning - Preparation of Income and Expenditure account – Preparation of Balance Sheet at the end.
Announcements
Recent Files
18
Jul
Bill of Exchange: Meaning – Credit sales – Debtors – Creditors – Drawer ...
18
Jul
Average Due Date – Account Current: Interest Method, Product Method, and Table...
18
Jul
Rectification of Errors – Final Accounts – Adjustments: Provision for bad an...
18
Jul
Non-Profit Organization – Meaning – Types: Social Clubs, Sports Clubs, Educa...
10
Jul
Capital and Revenue Transactions – Income Recognition