Preview Financial Accounting (Paper 5

Chapter 1 - Fundamentals of Accounting

Need and Importance of Accounting

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Book Keeping and objectives

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Advantages of Book Keeping

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Accounting and Objectives

4 Accounting and Objectives

Accounting Process

5 Accounting Process

Accounting Cycle

6 Accounting Cycle

Accountancy Accounting Book keeping

1203 cfa1203

Relationship Between Accountancy, Accounting & Book Keeping

1205 cfa1205

Difference Between Accounting & Book Keeping

1206 cfa1206

Users of Accounting Information

1208 cfa1208

Branches of Accounting

1211 cfa1211

Transaction

1213 cfa1213

Capital

1215 cfa1215

Assets

1217 cfa1217

Liabilities

1219 cfa1219

Drawings

1221 cfa1221

Debtors

1223 cfa1223

Creditors

1225 cfa1225

Purchase & Purchase Returns

1227 cfa1227

Sales & Sales Returns

1229 cfa1229

Voucher

1231 cfa1231

Invoice

1233 cfa1233

Revenue & Expenses

1235 cfa1235

Stocks

1237 cfa1237

Account

1239 cfa1239

Double Entry System Introduction

24 Double Entry System Introduction

Double Entry Features

25 Double Entry Features

Classification of Accounts

26 Classification of Accounts

Eg for classification of accounts

27 Eg for classification of accounts

Golden Rules of accounting

28 Golden Rules of accounting

Basic Accounting Procedures

29 Basic Accounting Procedures Final

Cash Memo and Invoice

30 Cash Memo and Invoice

Receipt

31 Receipt

Debit and Credit Notes

32 Debit and Credit Notes

Pay in Slip and Cheque

33 Pay in Slip and Cheque

Voucher

34 Voucher

Accounting Equation

35 Accounting Equation

Accounting Equation (Talking Head)

Accounting Equation

Accounting Equation simple eg

36 Accounting Equation simple eg

Accounting Equation Comprehensive Example

37 Accounting Equation Comprehensive Example

Rules for Debiting and Crediting

38 Rules for Debiting and Crediting

Debit Credit Rule

DCR

Basic Assumptions in Accounting

21 Basic Assumptions in Accounting

Basic Concepts in Accounting

22 Basic Concepts in Accounting

Fundamental Principles of Accounting

23 Fundamental Principles of Accounting

Case study on Cash, Accrual and Hybrid Basis Accounts

787 cfa787

Problem 1Identify Capital or Revenue Transactions

1856

Problem 2 Identify Capital or Revenue Transactions

1857

Problem 3 Identify Capital or Revenue Transactions

1858

Problem 4 Identify Capital or Revenue Transactions

1859

Problem 5 Identify Capital or Revenue Transactions

1860

Problem 6 Identify Capital or Revenue Transactions

1861

Problem 7 Identify Capital or Revenue Transactions

1872

Problem 8 Identify Capital or Revenue Transactions

1873

MCQ on Capital / Revenue Transactions

1874

Depreciation Introduction

1 da1

Straight Line Method of Depreciation

2 da2

Problem 1 Straight Line Method of Depreciation

3 da3

Problem 2 Straight Line Method of Depreciation

4 da4

Machine Hour Depreciation Method and Problem

5 da5

Production Units Method of Depreciation and Problem

6 da6

Depletion Method of Depreciation and Problem

7 da7

Written Down Value Method

8 DA8

Errors in Accounting

76 Errors in Accounting

Error of Principle

77 Error of Principle

Error of Omission

78 Error of Omission

Error of Commission

79 Error of Commission

Compensating Errors

80 Compensating Errors

Errors and Trial Balance

81 Errors annd Trial Balance

Case Study on Errors and effect on Trial Balance

82 Case Study on Errors and effect on TB

Steps to Locate Errors

83 Steps to Locate Errors

Suspense Account

84 Suspense Account

Case Study Suspense Acount

85 Case Study Suspense Acount

Rectification of Errors

86 Rectification of Errors

Case Study 1 Rectification of Errors

87 Case Study 1 Rectification of Errors

Case Study 2 Rectification of Errors

88 Case Study 2 Rectification of Errors

Case Study 3 Rectification of Errors

89 Case Study 3 Rectification of Errors

Case Study 4 Rectification of Errors

90 Case Study 4 Rectification of Errors

Case Study 5 Rectification of Errors

91 Case Study 5 Rectification of Errors

Case Study 6 Rectification of Errors - Copy

92 Case Study 6 Rectification of Errors - Copy

Case Study 7 Rectification with Suspense AC

93 Case Study 7 Rectification with Suspense AC

Chapter - 2 Accounting for Special Transactions

Introduction to Bills of Exchange

1 be1

Accounting Aspects in Bills of Exchange

2 be2

Methods of Drawing Bills of exchnage

be3

Computation of Bill Due Date

4 be4

Endorsement of Bill of Exchange

5 be5

Problem on Endorsement of Bill of Exchange

6 be6

Discounting of Bill

7 be7

Problem on Discounting of Bill

8 be8

Retirement of Bill

9 be9

Problem on Retirement of Bill

10 be10

Dishonour of Bill

11 be11

Problem on Dishonour of Bill

12 be12

Dishonour of Bill - Different Scenarios

be13

Renewal of Bill of Exchange

14 be14

Problem 1 on Renewal of Bill of Exchange

15 be15

Problem 2 on Renewal of Bill of Exchange

16 be16

Insolvency of Customer

17 be17

Problem on Insolvency of Customer

18 be18

Consignment Accounting Introduction

1 ca1

Accountiong Aspects in Consignment

2 ca2

Accounting Entries in books of consignor

3 ca3

Consignment Accounting Problem 1

4 ca4

Consignment Accounting Problem 2

5 ca5

Consignment Accounting Problem 3

6 ca6

Accounting Entries in the Book of Consignee

7 ca7

Consignment Account Problem 4

ca8

Consignment Account Problem 5 (Goods Lost in Fire)

9 ca9

Consignment Account Problem 6

10 ca10

Normal Loss

11 ca11

Consignment Problem 7 with Normal Loss

ca12

Consignment Problem 8 Computation of Cost and Invoice Price

13 ca13

Consignment Problem 9 Computation of Profit Percentage on Cost and Selling Price

14 ca14

Consignment Problem 10 Computation of Invoice Value of Goods Sent Out

ca15

Consignment Problem 11 Computation of Abnormal Loss

16 ca16

Consignment Problem 12 With Del Credre Commission and Bad Debts

17 ca17

Consignment Problem 13 Computation of Commission

18 ca18

Consignment Problem 14 Computation of Commission

19 ca19

Consignment Problem 15 Computation of Stock Reserve

20 ca20

Joint Venture Introduction

16 jv1

Separate set of Books Method

17 jv2

Problem 1 Separate set of Books Method

18 jv3

Problem 2 Separate set of Books Method

19 jv4

No Separate Set of Books Maintained

jv5

Problem 1 No Separate Set of Books Maintained

21 jv6

Problem 2 No Separate Set of Books Maintained

22 jv7

Memorandum Joint Venture A/c Method

23 jv8

Problem 1 Memorandum Joint Venture A/c Method

24 jv9

Insurance Claim Problem 1

8 ic1

Insurance Claim Problem 2

9 ic2

Insurance Claim Problem 3

10 ic3

Insurance Claim Problem 4

11 ic4

Insurance Claim for loss of Profit Part 1

12 ic5

Insurance Claim for loss of Profit Part 2

13 ic6

Insurance Claim for loss of Profit Problem 1

14 ic7

Insurance Claim for loss of Profit Problem 2

15 ic8

Chapter -3 Preparation of Financial Statements of Profit Oriented Organisations

Introduction to Final Accounts of Sole Proprietors

1 FASP1

Introduction to Final Accounts of Non Manufacturing Entities

2 FASP2

Income Statement and Position Statement

3 FASP3

Preparation of Final Accounts - fundamental aspects

4 FASP4

Inter-relationship between two statements

5 FASP5

Matching Principle

6 FASP6

Exceptions to Matching Principle

7 FASP7

Trading Account

8 FASP8

Trading Account Items

9 FASP9

Closing entries in Trading Account

10 FASP10

Trading Account Case Study 1

11 FASP11

Trading Account Closing Entries Case Study 2

12 FASP12

Profit and Loss Account

13 FASP13

Treatment of Specific items

14 FASP14

Closing entries related to Profit and Loss account

15 FASP15

Profit and Loss Account Case Study 3

16 FASP16

Adjustments in Final Accounts

17 FASP17

Provision for Doubtful Debts Case Study 4

18 FASP18

Other Adjustments in Final Accounts

19 FASP19

Abnormal Loss of Inventory by accident or fire

20 FASP20

Goods Sent on Approval Basis

21 FASP21

Goods used other than for Sale

22 FASP22

Accounting Entry for Sales Tax

23 FASP23

Commission based on Profit

24 FASP24

Preparation of Final Accounts - Case Study 5

25 FASP25

Arrangements of Assets and Liabilities

26 FASP26

Classifications of Assets and Liabilities

27 FASP27

Preparation of Balance Sheet - Case Study 6

28 FASP28

Preparation of Revised P&L and Balance Sheet - Case Study 7

FASP29

Determination of Outstanding Salaries and related adjustments

30 FASP30

Opening Entry and Case Study

31 FASP31

Provisions and Reserves

32 FASP32

Provisions and Reserves Case Study 8

33 FASP33

Final Accounts of Manufacturing Entities - Introduction

34 FASP34

Manufacturing Cost

35 FASP35

Direct Manufacturing Expenses

36 FASP36

Indirect Manufacturing Expenses

37 FASP37

By Products

38 FASP38

Structure of Manufacturing Account

39 FASP39

Manufacturing Account Case Study 8

40 FASP40

Manufacturing Account Case Study 9

41 FASP41

Chapter - 4 Preparation of Financial Statements of Not for Profit Organisations

Introduction to Accounting for Non Profit Organisations

1 NPO1

Nature of Receipts and Payment Account

2 NPO2

Case 1 Receipts and Payment Account

3 NPO3

Income and Expenditure Account

4 NPO4

Main Sources of Income

5 NPO5

Difference between Receipts and Payments Account

6 NPO6

Preparation of Income and Expenditure Account from Receipts and Payments Account

7 NPO7

Case 2 Subscription Accounting in Income and Expenditure Account

8 NPO8

Case 3 Salaries Accounting in Income and Expenditure Account

9 NPO9

Accounting treatment of Donations

10 NPO10

Accounting treatment of Entrance and Admission Fees

NPO11

Accounting for Subscriptions

12 NPO12

Accounting for life members fees

13 NPO13

Case 4 Preparation of Income and Expenditure Account and Balance Sheet

14 NPO14

Case 5 Preparation of Income and Expenditure Account and Balance Sheet

15 NPO15

Case 6 Preparation of Receipts and Payment Account and Subscription Account

NPO16

Chapter - 5 Preparation of Financial Statements from Incomplete Records

Introduction to Single Entry System

936 cfa936

Features of Single Entry System

937 cfa937

Types of Single Entry

938 cfa938

Techniques of obtaining complete accounting information

5665

Derivation of Information from Cash Book

5666

Analysis of Sales Ledger & Purchase Ledger

5667

Distinction between Business Expenses & Drawings

5668

Fresh Investment by Proprietors / Partners

5669

Methods of Capital Comparison

939 cfa939

Difference between Statement of Affairs and Balance Sheet

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Statement of Affairs & Profit Computation Case 1

941 cfa941

Statement of Affairs & Profit Computation Case 2

942 cfa942

Suppressed Income Case 3

943 cfa943

Case Study - Prepare Trading P&L and Balance Sheet

5670

Chapter - 6 Partnership

Partnership and Appropriation of Profits

9 CFA9

Fixed Capital and Fluctuating Capital

10 CFA10

Appropriation of Profits

11 CFA11

Fixed Capital and Fluctuating Capital Format

12 CFA12

Case 1 Fixed and Fluctuating Capital Method

13 CFA13

Difference between Fixed Capital and Fluctuating Capital Method

14 CFA14

Case 2 Fluctuating Capital Method

15 CFA15

Case 3 Fixed Capital Method

CFA16

Accounting Treatment for Interest on Capital

17 CFA17

Case 4 Interest on Capital

18 CFA18

Calculation of Interest on Drawings

19 CFA19

Case 1 Interest on Drawings

20 CFA20

Case 2 Comprehensive Case Study Interest on Drawings and other adjustments

21 CFA21

Case 3 Interest on Drawings uniformly at the end of every quarter

22 CFA22

Case 4 Interest on Drawings and Adjustment Entry

CFA23

Case 5 Adjustment for Wrong Distribution of Profits

24 CFA24

Guaranteed Partnership - Guarantee by One Partner

25 CFA25

Case 6 Guarantee by One Partner

26 CFA26

Guarantee given by Firm

27 CFA27

Case 7 Guarantee by Firm

28 CFA28

Case 8 Cross Guarantee

29 CFA29

Case 9 Guarantee by One Partner

30 CFA30

Case 10 Gurantee with retrospective effect

31 CFA31

Adjustments at the time of admission of new partner

32 CFA32

Adjustments regarding Profit Sharing Ratio and Case Study 11

33 CFA33

Adjustments regarding Profit Sharing Ratio and Case Study 12

34 CFA34

Sacrifice only by few Partners and New Profit Sharing Ratio Case Study 13

35 CFA35

Adjustment regarding Valuation of Assets and Liabilities - Revaluation Method

36 CFA36

Adjustment regarding Valuation of Assets and Liabilities - Memorandum Revaluation Method

37 CFA37

Goodwill

38 CFA38

Various Scenarios for Accounting treatment of Goodwill

39 CFA39

Valuation methods of Inherent Goodwill

40 CFA40

Average Profits Method

41 CFA41

Super Profits Method

42 CFA42

Capitalisation of Profits Method

43 CFA43

Annuity Method

44 CFA44

Valuation of Goodwill Case Study 14

45 CFA45

Valuation of Goodwill Super Profit Method Case Study 15

46 CFA46

New Partner cannot pay premium and Goodwill account is raised Case 16

47 CFA47

New Partner pays for Goodwill but Goodwill appearing in Balance Sheet in Full Value Case 17

48 CFA48

Premium for Goodwill Paid Privately Case 18

49 CFA49

Premium for Goodwill in True Sense

50 CFA50

Adjustment for Accumulated Profits Losses

51 CFA51

Adjustment Regarding Capital

52 CFA52

Case 19 Adjustment Regarding Capital

53 CFA53

Case 20 Adjustment Regarding Capital

54 CFA54

Case 21 Adjustment Regarding Capital

55 CFA55

Case 22 Adjustment Regarding Capital using Memorandum Revaluation Ac

56 CFA56

Case 23 Adjustment Regarding Capital

57 CFA57

Retirement of Partner

58 CFA58

Case 24 Retirement of Partner

59 CFA59

Rights to Share of Profit after Retirement

60 CFA60

Case 25 Right to Share of Profit after Retirement

61 CFA61

Case 26 Right to Share of Profit after Retirement

CFA62

Death of Partner and Accounting Implications

63 CFA63

Accounting treatment for Joint Life Policy

64 CFA64

Case 27 Accounting treatment for JLP

65 CFA65

Dissolution of Partnership Firm

66 CFA66

Settlement of Accounts on Dissolution

67 CFA67

Realisation of Assets and Liabilities

68 CFA68

Settlement of Dues of the Partners

69 CFA69

Case 28 Settlement of Dues to the Partners

70 CFA70

Case 29 Settlement of Dues to the Partners

71 CFA71

Insolvency of Partner

72 CFA72

Highest Relative Capital Method

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Case 1 Highest Relative Capital Method

795 cfa795

Case 2 Highest Relative Capital Method

769 cfa769

Case 3 Highest Relative Capital Method

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Chapter - 7 Self Balancing Ledger

Introduction to Self Balancing Ledger System

4 sb4

Self Balancing Ledger Problem 1

1 sb1

Self Balancing Ledger Problem 2

2 sb2

Self Balancing Ledger Problem 3

3 sb3

Contra Transactions

5 sb5

Entries to be Passed in Credit purchase

6 sb6

Self Balancing Ledger Problem 4

7 sb7

Transfer entries

8 sb8

self Balancing Ledger Problem 5

9 sb9

self Balancing Ledger Problem 6

10 sb10

self Balancing Ledger Problem 7

11 sb11

Chapter 8 - Royalties

What is Royalty

3 RA3

What is Minimum Rent Dead Rent in Royalty

4 RA4

Short workings Excess Workings and Ground Rent

5 RA5

Recoupment of Shortworkings

6 RA6

Accounting treatment of Shortworkings

8 RA8

Accounting entries in the books of lessee licence

7 RA7

Case Study 1 - Royalty Account - with Shortworking Adjustments

1 RA1

Case Study 2 - Royalty Account -with Shortworking Adjustments

2 RA2

Chapter - 9 Hire Purchase and Installment System

Hire Purchase and Installment sale

1 hp1

situation I - When Rate of Interest, Cash Price & Interest given

2 hp2

Situation II-When Rate of Int. & Inst. given but cash price not given

3 hp3

Situation III-When only Inst. are given but cash price & rate of Int. not given

4 hp4

Situation IV-Ref. to annuity table,rate of Int.&inst. given but not cash price

5 hp5

Accounting Treatment in Hire Purchaser Books

6 hp6

Accounting effect of HP default and Repossession

7 hp7

Case Study - Hire Purchase Default and Repossession

8 hp8

Case Study - Hire Purchase Default and Partial Repossession

9 hp9

Chapter 10 -Branch and Departmental Accounts

Introduction to Branch Accounts

IBA and Promo

Dependent Branches and Features

1 DBF

Accounting for Dependent Branches

Debtors system

3 DS

Accounting Entries Debtors System

4 AEDS

Dependent Branches Problem 1

5 DBP1

Dependent Branches Problem 2

6 DBP2

Dependent Branches Problem 3

8 DBP3

Dependent Branches Problem 4

9 DBP4

Dependent Branches Problem 5

10 DBP5

Goods invoiced at SP to Branches & Its Accounting Aspects

11 GISPAA

Dependent Branches Problem 6 (invoice @ SP)

12 DBP6

Dependent Branches Problem 7 (invoice @ SP)

13 DBP7

Dependent Branches Problem 8 (invoice @ SP)

14 DBP8

Stock and Debtors system

15 SDS

Problem 9 Stock and Debtors System

SDS9

Problem 10 Stock and Debtors System

17 SDS10

Problem 11 Stock and Debtors System

18 SDS11

Final Accounts Method

19 fam

Problem 12 Branch Trading & P&L Ac (cost)

20 famp1

Problem 13 Branch Trading Ac (Invoice Price)

21 famp2

Problem 14 Branch Trading P&L Ac (Invoice Price)

22 famp3

Problem 15 on stock and Debtors system

23 PSDS

Problem 16 Stock and Debtors System

24 PSDS16

Whole Sale Branch system

25 wsbs

Problem 17 Whole Sale Branch system

26 P17WSBS

Problem 18 Whole Sale Branch system

27 p18wsbs

Problem 19 Whole Sale Branch system

28 P19WSBS

Independent Branches Introduction

29 ibi

Independent Branches Accounting Entry Part 1

30 ibi1

Independent Branches Accounting Entry Part 2

31 ibi2

Independent Branches Problem 20

32 ibi4

Independent Branches Problem 21

33 ibi5

Independent Branches Problem 22

34 ibi6

Independent Branches Problem 23

35 ibi7

Incorporation of Branch Trial Balance

36 ibt

Incorporation of Branch Trial Balance Problem 24

37 ibt2

How to Close Books of Branches

38 ibt3

Closure of Branch books Problem 25

ibt4

Closure of Branch books Problem 26

40 ibt5

Closure of Branch books Problem 27

41 ibt6

Case Study Branch Account Gross Profit

805 cfa805 illus9 8.23

Case Study Stock & Debtors Method

806 cfa806 illus10 sm 8.24

Case Study Debtors method and Final Accounts

807 cfa807 illu11pm 8.26

Integral and Non Integral Foregin Branch

808 cfa808

Indicators of Non Integral Foreign Operation

809 cfa809

Techniques for Foreign Currency Translation Integral Foreign Operation

810 cfa810

Techniques for Foreign Currency Translation Non Integral Foreign Operation

811 cfa811

Case 1 Integral Foreign Operation Trial Balance

812 cfa812

Case 2 Integral Foreign Operation P&L and Balance Sheet

813 cfa813

Departmental Accounts Introduction

42 da1

Apportionment of Expenses

43 da2

Departmental Accounts Problem 1

44 da3

Departmental Accounts Problem 2

45 da4

Inter Departmental Transfers

46 da5

Inter Departmental Transfers Problem 3

47 da6

Inter Departmental Transfers Problem 4

48 da7

Inter Departmental Transfers Problem 5

49 da8

Inter Departmental Transfers Problem 6

50 da9

Departmental Accounts Problem 7

10 DPA10

Departmental Accounts Problem 8

DPA11

Departmental Accounts Problem 9

12 DPA12

Case Study Departmental Trading and P&L Account

814 cfa814

Case Study Departmental Trading and P&L Account (with Stock Adjustment and Profit

815 cfa815

Chapter 11 - Computerised Accounting System

Introduction to Computerised Accounting System

671 cfa671

Significance of Computerised Accounting System'

672 cfa672

Codification and Grouping of Accounts

673 cfa673

Maintaining the Hierarchy of Ledgers

674 cfa674

Accounting Packages

675 cfa675

Spread sheet Advantages and Disadvantages

676 cfa676

Prepackaged Accounting Softwares

677 cfa677

Advantages and Disadvantages of Prepackaged Accounting Software

678 cfa678

Consideration for selection of Pre-packaged Accounting Software

679 cfa679

Chapter 12 - Accounting Standards

Introduction to AS 1 Disclosure of Accounting Policies

1268 cfa1268

Fundamental Accounting Assumptions

1269 cfa1269

Accounting Policies

1270 cfa1270

Going Concern Assumption Case Study

1271 cfa1271

AS 2 Introduction

1293 cfa1293

Items excluded from scope of AS 2

1294 cfa1294

Types of Inventory

1295 cfa1295

Inventory cost ascertainment

1296 cfa1296

Valuation of Inventory

1297 cfa1297

Measurement of Inventory

1298 cfa1298

Cost of Inventory

1299 cfa1299

Joint Products or Byproducts

1300 cfa1300

Cost Formula

1301 cfa1301

Other Techniques of Cost Measurement

1302 cfa1302

Net Realisable Value

1303 cfa1303

Disclosure Requirements

1304 cfa1304

Value of Inventory Case Study

1272 cfa1272

Treatment of Fixed Overheads Case Study

1273 cfa1273

Computation of Cost of Inventory Case Study

1274 cfa1274

Valuation of Inventory Net Realiable Value Item by Item Basis Case Study

1275 cfa1275

Treatment of Normal and Abnormal Loss and Valuation of Inventory Case Study

1276 cfa1276

Treatment of Production Overheads in Valuation of Inventory Case Study

1277 cfa1277

Construction Contract and its Type

1 coc1

Preview - Financial Accounting (Paper 5 - CMA Inter)