The syllabus consists of three units: (ii) Accounting Process (iii) Financial Statements of Sole Proprietorship (iv) Computers in Accounting.
|Part A||Financial Accounting - I|
|Accounting for Bills of Exchange|
|Trial Balance and Rectification of Records|
|Part B||Financial Accounting - II|
|3.||Financial Statements of Sole Proprietorship||20|
|4.||Computers in Accounting||8|
Meaning, objectives and importance; Revenue and Capital Receipts; Revenue and Capital Expenditure; Deferred Revenue expenditure.
Trading and Profit and Loss Account: Gross Profit, Operating profit and Net profit. Preparation.
Balance Sheet: need, grouping and marshalling of assets and liabilities. Preparation.
Adjustments in preparation of financial statements with respect to closing stock, outstanding expenses, prepaid expenses, accrued income, income received in advance, depreciation, bad debts, provision for doubtful debts, provision for discount on debtors, Abnormal loss, goods taken for personal use/staff welfare, interest on capital and managers commission.
Preparation of Trading and Profit and Loss account and Balance Sheet of a sole proprietorship with adjustments.
Features, reasons and limitations. Ascertainment of Profit/Loss by Statement of Affairs method.