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Bangalore University - B.Com 1st Sem - Financial Accounting - I


FINANCIAL ACCOUNTING - I
OBJECTIVES
The objective of this course is to acquaint students with the accounting concepts, tools and Techniques influencing business organizations.
Unit 1: AMALGAMATION OF FIRMS 14 hours
Meaning-Objectives-Books of accounts in Vendors - Revaluation Account - Goodwill Account - Combined Capital Account - New Firm Account - Passing of Journal Entries - In the books of Amalgamated firm - combined journal entries - Preparation of Amalgamated Balance Sheet - Treatment of assets and liabilities not taken over - Treatment of unrecorded assets and liabilities - Treatment of contingent liabilities
Unit 2: SALE OF PARTNERSHIP TO A LIMITED COMPANY 12 hours
Introduction - Need for conversion - Meaning of Purchase Consideration - Mode of Discharge of Purchase Consideration - Method of calculation of Purchase Consideration - Net Payment Method - Net Asset 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 - nonassumption of trade liabilities - In the books of Purchasing Company - Passing of Incorporation entries - Treatment of Security Premium - Fresh issue of shares and debentures to meet working capital - Preparation of Balance Sheet as per the Companies' Act.
Unit 3: HIRE PURCHASE SYSTEMS 12 hours
Introduction - Meaning - Hire Purchase Act 1972 - Important Definitions - Hire Purchase Agreement- Hire Purchase Price - Cash Price, Hire Purchase Charges, Net Hire Purchase Price -Net Cash Price - Net Hire Purchase - Important Provisions - Right of the hirer to purchase with rebate -Termination of the agreement - Rights of the owner on termination - Calculation of interest when both the cash price and the rate of interest are given - calculation of interest when cash price is given but rate of interest is not given - calculation of interest when both the cash price and the rate of interest are not given - calculation of cash price - calculation of amount of installment - use of annuity value to find cash price - Journal entries and Ledger accounts in the books of Hire Purchaser and Hire vendor under Asset Accrual method.
Unit 4: INSTALLMENT PURCHASE METHOD 8 hours
Introduction - Meaning - Difference between Hire Purchase and Installment Purchase system - Treatment of Interest Suspense Account - Journal entries and Ledger account in the books of both parties.
Unit 5: ROYALTY ACCOUNTS 14 hours
Introduction - Meaning - Technical Terms - Royalty - Landlord - Tenant - Minimum Rent - Short workings - Recoupment of Short working under Fixed Period - Floating Period - Recoupment within the Life of a Lease - Treatment of Strike and Stoppage of work -Accounting Treatment - in the books of Lessee (Tenant) - when royalty is less than Minimum Rent - When royalty is equal to Minimum Rent - When the right of recoupment is lost, when Minimum Rent Account Method is followed - Preparation of ledger accounts - Royalty Account, Landlord Account - Short workings Account - Minimum Rent Account when Minimum Rent Account is followed.
SKILL DEVELOPMENT
- Collection and 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.
- Calculation of Purchase Consideration under different methods.
- Arrangement of Mock situation to finalize a sale of firm.
- Drafting of amalgamation conditions in a given situation.
BOOKS FOR REFERENCE:
1. Dr. S.N. Maheswari , Financial Accounting
2. BS Raman, Financial Accounting
3. Grewal and Gupta, Advanced Accounting
4. Radhaswamy and R.L. Gupta, Advanced Accounting
5. S.Kr. Paul, Advanced Accounting
6. P.C. Tulasian, Pearson Editions, Introduction to Accounting
7. Jain & Narang, Financial Accounting
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Comments (5)

naasir published on Nov 22, 2013, 11.31am IST

think if MR is 75000 strik for 3 months.ans;mR =75000 (-)(75000*3/12)=18750 ans is 56250

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naasir published on Mar 29, 2013, 04.26pm IST

you want to give the skill development report

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aishwarya1988 published on Feb 04, 2013, 06.30pm IST

bs raman books is very easy to understnding me and its a good .and raman author is my favorate author also thanking you sir

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sharath published on Oct 13, 2011, 10.14am IST

How do you treat the effect of strike in Royalty accounts?

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preeti published on Apr 11, 2011, 06.13am IST

how to calculate strik in royalty account????

 

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