Accounting for Business

• Concept of partnership
• Partnership agreement and status of partners in the absence of partnership deed
• Accounting for partnership firm: partner’s ca pital a/c, fixed and fluctuating capital
• Accounting treatment of partner’s salary, interest and drawing
• Partner’s loan account
• Preparation of profit and loss appropriation account in the book of the firm.

• Concept
• Impact of admission: in the profit sharing ratio of the firm, in the revaluation of assets and liabilities, in the value of goodwill of the firm
• Re -arrangement of reser ve and surplus and accumulated losses of the firm
• Re -adjustment of partners capital giving due influence of new admission
• Distribution of old profit to old partners
• Admission of a partner during an accounting year.

• Calculation of new profit sharing ratio
• Revaluation of assets and liabilities
• Adjustment regarding undistributed profits and losses
• Adjustment regarding goodwill and capi tal after retirement
• Ascertainment of the due amount to the outgoing partners
• Mode of payment to the outgoing partners
• Death of a partner
• Accounting for Joint life policy
• Accounting for insurance premium.

• Concept
• Closing the books of account and final settlement
• Accounting for dissolution: Settlement of partner’s capital accounts when the firm and all the partners are solvent, Settlement of account when a partner is insolvent with or without using the rule of Garner Vs Murry
• Gradual realization and piecemeal distribution: Surplus capital method, Maximum loss method

• Concept, Difference between consignment and sales
• Important terms: Consignment goods sent at invoice price, Consignment expenses, Commission, Valuation of unsold stock, Loss of goods on consignment: Normal loss, Abno rmal loss
• Interest on consignment
• Consignment goods taken over by consignee

• Meaning, characteristics and features of joint ventur e
• Difference between joint venture and consignment
• Difference between joint venture and partnership
• Methods of accounting: Without keeping separate set of books, With keeping separate set of books

• Concept and types of branch, Accounting records: Dependent branch, Independent branch
• Accounting entries for incorporation of branch transactions in the books of head office and consolidated balance sheets
• Accounting treatment of some important adjustments: Normal loss, Abnormal loss, Cash in transit, Goods in transit, Inter branch transactions

• Concept, objectives and types of department
• Department trading and profit and loss account
• Allocation of expenses
• Difference between branch and department
• Inter – department transfer

• Concept, objectives and Importance terms of container
• Calculation of missing terms of container
• Accounting for types of container: Returnable: with maintaining trading and reserve account, with maintaining trading, reserve and stock account
• Non Returnable

Concept and techniques in general; Accounting tre atment: receipt and payment account , adjustments, income and expenditure account, profit and loss account, household cash statement

Concept and modern terms; Accounting treatment with and without maintaining minimum rent account

• Concept and objectives of hire purch ase system
• Calculation of interest, cash price and installment (using analytical table)
• Accounting treatment: In the book of purchaser : Journal entries, Necessary ledger accounts, In the book of vendor : Journal entries, Necessary ledger accounts

• Concept and features of installment system
• Difference between hire purchase and installment system
• Calculation of interest, cash price and installment (using analytical table)
• Accounting treatment: In the book of purchaser: Journal entries, Necessary ledger accounts, In the book of vendor: Journal entries, Necessary ledger accounts Project Work 10 LHs After the completion of fourth year concentration classes the students shall have to prep are and submit a project work in the area they have specialized. The subject teachers have to discuss with students on possible topics of the project work, availability and sources of literature, availability of data, data collection methods, appropriate tools of data analysis, etc. relevant to the subject.