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BASIC INFORMATION

  • Fees RS 25000/Annual (10+1 / 10+2)
    RS 7500/Per Sem (BSc. I, II, III)
    Level Basic + Competitive
    Started 03, April 2019 (10+1)
    20, March 2019 (10+2)
    Shift 5:30 AM to 8:00 AM
    2:00 PM to 8:00 PM
    Admission Open

Course Description

Accounts Coaching centre in Ludhiana

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Part A: Financial Accounting - I

Unit 1: Theoretical Framework

Introduction to Accounting

.Accounting: objectives, advantages and limitations, types of accounting information; users of accounting information and their needs.
.Basic accounting terms: business transaction, account, capital, drawings, liability (Non - current and current); asset (Non - current; tangible and intangible assets and current assets), receipts (capital and revenue), expenditure (capital, revenue and deferred), expense, income, profits, gains and losses, purchases, purchases returns, sales, sales returns, stock, trade receivables (debtors and bills receivable), trade payables (creditors and bills payable), goods, cost, vouchers, discount - trade and cash.

Theory Base of Accounting
.Fundamental accounting assumptions: going concern, consistency and accrual.
.Accounting principles: accounting entity, money measurement, accounting period, full disclosure, materiality, prudence, cost concept, matching concept and dual aspect.
.Accounting Standards and IFRS (International Financial Reporting Standards): concept and objectives
.Double entry system of accounting.
.Bases of accounting - cash basis and accrual basis.

Unit 2: Accounting Process

Recording of Transactions

.Accounting equation: analysis of transactions using accounting equation.
.Rules of debit and credit: for assets, liabilities, capital, revenue and expenses
.Origin of transactions- source documents (invoice, cash memo, pay in slip, cheque), preparation of vouchers - cash (debit and credit) and non cash (transfer).
.Books of original entry: format and recording - Journal.
.Cash Book: Simple Cash Book, Cash Book with Discount Column and Cash Book with Bank and Discount Columns, Petty Cash Book.
. books: purchases book, sales book, purchases returns book, sales returns book and journal proper.
Preparation of Bank Reconciliation Statement, Ledger and Trial Balance.

.Bank reconciliation statement- calculating bank balance at accounting date: need and preparation. Corrected cash book balance.
.Ledger - format, posting from journal, cash book and other special purpose books, balancing of accounts.
.Trial balance: objectives and preparation

(Scope: Trial Balance with balance method only)


Depreciation, Provisions and Reserves

.Depreciation: concept need and factors affecting depreciation; methods of computation of depreciation: straight line method, written down value method (excluding change in method)
.Accounting treatment of depreciation: by charging to asset account, by creating provision for depreciation/ accumulated depreciation account, treatment of disposal of asset.
.Provisions and reserves: concept, objectives and difference between provisions and reserves; types of reserves- revenue reserve, capital reserve, general reserve and specific reserves.

Accounting for Bills of Exchange

.Bills of exchange and promissory note: definition, features, parties, specimen and distinction.
.Important terms : term of bill, due date, days of grace, date of maturity, discounting of bill, endorsement of bill, bill sent for collection, dishonour of bill, noting of bill, retirement and renewal of a bill.
.Accounting treatment of bill transactions.


Rectification of Errors

.Errors: types-errors of omission, commission, principles, and compensating; their effect on Trial Balance.
.Detection and rectification of errors; preparation of suspense account.

Part A: Accounting for Partnership Firms and Companies

Unit 1: Accounting for Partnership Firms

Chapter-1: Reproduction in Organisms

.Partnership: features, Partnership Deed.
.Provisions of the Indian Partnership Act 1932 in the absence of partnership deed.
.Fixed v/s fluctuating capital accounts.Preparation of Profit and Loss Appropriation account- division of profit among partners, guarantee of profits.
.Past adjustments (relating to interest on capital, interest on drawing, salary and profit sharing ratio).
.Goodwill: nature, factors affecting and methods of valuation - average profit, super profit and capitalization.

Note: Interest on partner's loan is to be treated as a charge against profits.

Accounting for Partnership firms - Reconstitution and Dissolution.

Change in the Profit Sharing Ratio among the existing partners - sacrificing ratio, gaining ratio, accounting for revaluation of assets and reassessment of liabilities and treatment of reserves and accumulated profits. Preparation of revaluation account and balance sheet.

Admission of a partner - effect of admission of a partner on change in the profit sharing ratio, treatment of goodwill (as per AS 26), treatment for revaluation of assets and reassessment of liabilities, treatment of reserves and accumulated profits, adjustment of capital accounts and preparation of balance sheet.

Retirement and death of a partner: effect of retirement / death of a partner on change in profit sharing ratio, treatment of goodwill (as per AS 26), treatment for revaluation of assets and reassessment of liabilities, adjustment of accumulated profits and reserves, adjustment of capital accounts and preparation of balance sheet. Preparation of loan account of the retiring partner.

Calculation of deceased partner‟s share of profit till the date of death. Preparation of deceased partner‟s capital account, executor‟s account and preparation of balance sheet.

Dissolution of a partnership firm: types of dissolution of a firm. Settlement of accounts -preparation of realization account, and other related accounts: capital accounts of partners and cash/bank a/c (excluding piecemeal distribution, sale to a company and insolvency of partner(s)).

Unit-2 Accounting for Companies

Accounting for Share Capital

Share and share capital: nature and types.

Accounting for share capital: issue and allotment of equity shares, private placement of shares, Employee Stock Option Plan (ESOP). Public subscription of shares - over subscription and under subscription of shares; issue at par and at premium, calls in advance and arrears (excluding interest), issue of shares for consideration other than cash.

Concept of Private Placement and Employee Stock Option Plan (ESOP).


Accounting treatment of forfeiture and re-issue of shares.

Disclosure of share capital in company‟s Balance Sheet.

Accounting for Debentures

Debentures: Issue of debentures at par, at a premium and at a discount. Issue of debentures for consideration other than cash; Issue of debentures with terms of redemption; debentures as collateral security-concept, interest on debentures.

Redemption of debentures: Lump sum, draw of lots and purchase in the open market (excluding ex-interest and cum-interest). Creation of Debenture Redemption Reserve.

Conversion method.

Note: Related sections of the Indian Companies Act, 2013 will apply.