FUNDAMENTALS OF ACCOUNTING

Preparation of Final Accounts
Concept of Capital, Revenue and Deferred Revenue Expenditure, Opening Entries, Closing Entries, Adjustment Entries, Manufacturing, Trading and Profit and Loss Account (With Adjustment) and Balance Sheet.

Preparation of Accounts from Incomplete Records (Single Entry System):
Nature of Incomplete Records, Limitations of the Single Entry System, Ascertainment of Profit or Loss, Difference between Double Entry System and Single Entry System.
Sectional and Self Balancing System: The Nature of Ledgers, Sectional Balancing System, Self Balancing System.

Joint Venture Accounts-Features of a Joint Venture, Methods of keeping accounts, Conversion of Consignment into Joint Venture.

Consignment Accounts-Accounting for consignment in the books of consignor and consignee, Normal Loss and Abnormal Loss of good sent on consignment, Accounting for Goods sent on consignment at mark up price, Valuation of Closing Stock, Del Creder Commission and Bad Debts.

Introduction of Indian Accounting Standards and IFRS