PAPER - V : ACCOUNTANCY

Unit - I

Accounts from incomplete records (single entry) - Features - Ascertainment of profit - statement of affairs method - conversion method.

Unit - II

Non profit organization and account of non-trading concerns - features - preparation of receipts and payment account, income and expenditure account and balance sheet from any information given.

Unit - III

Partnership accounts - definition of partnership - features of partnership - legal provisions in the absence of partnership deed - fixed and fluctuating capitals - profit and loss appropriation account - final accounts.

Unit - IV

Admission of a Partner-treatment of goodwill - revaluation of assets and liabilities - adjustment regarding accumulated profits and losses - calculation of sacrificing ration and profit sharing ratio adjustment regarding capitals.

Unit - V

Retirement and death of a partner - Accounting treatment relating to goodwill - ratio of gain - settlement of the amount due to retiring partner and to the executors of the deceased partner (excluding joint life policy)

Unit - VI

Dissolution of firms - legal aspects - settlement of accounts (excluding realization and piece - meal distribution) - insolvency of a partner - amlgamation of firms.


Unit - VII

Royalties - Explanation of terms - accounting treatment in the books of both the parties - sublease.

Unit - VIII

Hire - purchase and installment purchase system - features - accounting treatment in the books of hire purchaser and vendor - default and repossession - installment purchase system - accounting - treatment in the books of purchaser and vendor

Unit - IX

Self balancing system - meaning - advantages - accounting treatment - transfers from one ledger to another - contra balances.

Unit - X

Insolvency accounts of individuals - preparation of statement of affairs and deficiency accounts.

Suggested Readings :

1. Grewal T.S : Introduction to Accountancy
2. Gupta R.L. & Gupta V.K. : Principles & Practice of Accounting
3. Patil & Korlahalli : Principles & Pracitce of Accounting
4. Jain S.P. & Narang K.L. : Advanced Accountancy
5. Shukla M.C. & Grewal T.S. : Advanced Accountancy