Financial Accounting 1st Semester BU B.Com SEP Notes

Unit 1 [Book]
Introduction, Meaning and Definition of Accounting Objectives of AccountingVIEW
Accounting PrinciplesVIEW
Accounting Concepts and Accounting ConventionsVIEW
Accounting ProcessVIEW
JournalVIEW
LedgerVIEW
Trial BalanceVIEW
Adjusting entriesVIEW
Debit Notes and Credit NotesVIEW
Accounting EquationVIEW
Simple Problems on Accounting equation and adjusting entries OnlyVIEW
Unit 2 [Book]
Introduction, Meaning Sale of Goods for Approval or ReturnedVIEW
Relevance and Common Industries for Sale of goods for Approval or ReturnVIEW
Revenue recognition Principles, Conditions for Revenue recognitionVIEW
Accounting Treatment:
Initial Recognition (Recording the Shipment)VIEW
Revenue Recognition (on Goods approval)VIEW
Reversing entries (Goods returned)VIEW
Unit 3 [Book]
Consignment Accounts, Introduction, Meaning of ConsignmentVIEW
Consignment Vs SalesVIEW
Consignor and his ResponsibilitiesVIEW
Consignee and his ResponsibilitiesVIEW
Commission: Ordinary Commission, Del-credere Commission and Over-riding commission, illustration on CommissionVIEW
Calculation of Consignment Stock Value under Cost price and Invoice priceVIEW
Accounting for Consignment Transactions and Events (Include Treatment of Normal and Abnormal Loss, Cost Price and Invoice Price)VIEW
Illustration in the books of Consignor onlyVIEW
Unit 4 [Book]
Royalty Accounts Introduction, Meaning, Definition, TypesVIEW
Differences between Rent and RoyaltyVIEW
Terms Used in Royalty, Lessor, Lessee, Short WorkingsVIEW
Irrecoverable Short WorkingsVIEW
Recoupment of Short WorkingsVIEW
Methods of Recoupment of Short WorkingsVIEW
Preparation of Royalty Analysis Table (Excluding Government Subsidy)VIEW
Journal Entries and Ledger Accounts in the books of Lessee onlyVIEW
i) With Minimum Rent AccountVIEW
ii) Without Minimum Rent Account under fixed and Floating Recoupment methodsVIEW
Problems including Strikes and Lockouts, but excluding Sub-leaseVIEW
Unit 5 [Book]
Introduction, Meaning of Fire Insurance Claim, Features and Principles of Fire InsuranceVIEW
Concept of Loss of Stock, Loss of Profit and Average ClauseVIEW
Steps in Calculation of Fire Insurance ClaimVIEW
illustrations on Computation of Claim for Loss of Stock (including Over Valuation and Under Valuation of Stock, Abnormal Items and application of Average Clause)VIEW

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