Financial Accounting
Unit - 1 : Joint venture - meaning , distinction between joint venture and consignment. Methods of maintaining accounts
a) separate set of accounts (joint bank system)
b) Maintenance of accounts in the books of each venture.
Unit -2 Royalty accounts: Meaning concepts – minimum rent – recovery of short working – sublease – problems on royalty accounts excluding sublease.
Unit -3: a. Hire Purchase and installment methods – meaning, difference between Hire purchase and sale – difference between hire purchase and installment – problems on hire purchase excluding hire purchase trading accounts
b) Installments accounts.
Unit-4 Departmental Accounts: Allocation and apportionment of expenses – interdepartmental transfer of cost and invoice price.
Unit – 5 Branch Accounts – dependent branch only – debtors system at cost and invoice price.
Unit-6 Accounts on non trading concerns – difference between receipts and payment account and
income and expenditure account. Problems on preparation of income and expenditure accounts and balance sheet from receipts and payments accounts.Preparation of balance sheet from the given receipts and payment and income and expenditure accounts.
Skill Development
1. Collection of final accounts of NTC and identification of capital and revenue items.
2. Collection and recording of hire purchase agreement
3. Calculation of cash and interest under instalment accounts
4. List out the areas of business where joint venture adopted.
5. Appointment of expenses under suitable basis.
6. Collection of proforma invoice of any branch.
