Business Accounting Notes | B.B.A. LL.B. (Five Years) Semester 1 | SPPU | munotes

Contents

Module 01 Introduction to Accounting

1. What Accounting Is: Meaning, Definition and Book-keeping 1
2. The Objectives, Functions, Branches, Advantages and Limitations of Accounting 6

Module 02 Conceptual Framework

1. The Accounting Concepts 10
2. The Accounting Conventions 13
3. What an Accounting Standard Is 15
4. The Accounting Standards in India, One by One 18
5. Ind AS and IFRS 23
6. Basic Financial Accounting Terminology 26
7. Capital and Revenue Expenditure 29
8. Capital and Revenue Receipts 32

Module 03 Recording of Transactions

1. The Double Entry System of Book-keeping 34
2. The Types of Accounts and the Rules of Debit and Credit 38
3. The Accounting Cycle: From Transaction to Final Accounts 42
4. The Journal: Meaning, Features and How to Journalise 44
5. Journal Entries Worked: A Month in the Books of a Trader 48
6. The Ledger and Ledger Posting 52
7. Subsidiary Books: Why the Journal Is Divided 58
8. The Purchases Book, the Sales Book and the Returns Books 61
9. The Cash Book: Meaning, Features and Kinds 65
10. The Three Column Cash Book Worked 69
11. The Petty Cash Book Worked: The Analytical Petty Cash Book on the Imprest System 73
12. The Trial Balance 76
13. The Bank Reconciliation Statement 80
14. Cheques 84
15. Crossing of Cheques 87
16. Accounting for Depreciation: The Straight Line and Written Down Value Methods 91

Module 04 Preparation of Final Accounts

1. What Final Accounts Are, and Why They Are Prepared 95
2. The Trading Account 99
3. The Profit and Loss Account 101
4. The Standard Adjustments, One by One 103
5. Adjustment Entries and Their Double Effect 106
6. More Adjustments: Goods Lost, Samples, Drawings in Goods and Interest 109
7. The Balance Sheet of a Proprietary Firm 113
8. Final Accounts of a Sole Trader Worked 116
9. A Complete Set of Final Accounts, Worked 119

Module 05 Introduction to Company Final Accounts

1. Schedule III: the Shape of It 122
2. The Balance Sheet, Part I of Schedule III 126
3. The Statement of Profit and Loss, Part II of Schedule III 131
4. Final Accounts of a Company, Worked 135
5. The Companies Act 2013 and the Preparation of a Company's Final Accounts 140

Module 06 Computerized Accounting System

1. Computerised Accounting 144
2. Accounting Software: Kinds, Choosing It and Bringing It In 148
3. Tally: What It Is and How It Keeps the Books 151