Accounting for Business - Syllabus
Embark on a profound academic exploration as you delve into the Accounting for Business course (Accounting for Business) within the distinguished Tribhuvan university's BBS department. Aligned with the 2013 Syllabus, this course (ACC 251) seamlessly merges theoretical frameworks with practical sessions, ensuring a comprehensive understanding of the subject. Rigorous assessment based on a 100 marks system, coupled with a challenging passing threshold of 35, propels students to strive for excellence, fostering a deeper grasp of the course content.
This 3 credit-hour journey unfolds as a holistic learning experience, bridging theory and application. Beyond theoretical comprehension, students actively engage in practical sessions, acquiring valuable skills for real-world scenarios. Immerse yourself in this well-structured course, where each element, from the course description to interactive sessions, is meticulously crafted to shape a well-rounded and insightful academic experience.
Course Objectives
The objectives of the course are to provide the students with in-depth knowledge of accounting required to handle accounting works in the
various business situations like partnership, consignment, branch etc. independently. The course further aims at providing knowledge required by the students for advance studies in accounting subject.
Course Description
This course contains accounting for partnership, admission of new partner, retirement and death of a partner, dissolution of a partnership firm and piecemeal distribution, accounting for, consignments, accounting for joint ventures, accounting for branch, accounting for department of activity, Accounting for packages or containers, accounting professional men, accounting for royalties, accounting for hire purchase system, accounting for installment system.
Units
Concept of partnership; Partnership agreement and status of partners in the absence of partnership deed; Accounting for partnership firm-partner’s capital a/c, fixed and fluctuating capital; Accounting treatment of partner’s salary, interest and drawing; Partner’s loan account; Preparation of profit and loss appropriation account in the book of the firm.
Concept; Impact of admission in the profit sharing ratio of the firm; Impact of admission in the revaluation of assets and liabilities; Impact of admission in the value of goodwill of the firm; Re-arrangement of reserve and surplus and accumulated losses of the firm; Re-adjustment of partners capital giving due influence of new admission; Distribution of old profit to old partners; Admission of a partner during an accounting year.
Calculation of new profit sharing ratio; Revaluation of assets and liabilities; Adjustment regarding undistributed profits and losses;
Adjustment regarding goodwill and capital after retirement; Ascertainment of the due amount to the outgoing partners; Mode of payment to the outgoing partners; Death of a partner; Accounting for Joint life policy; Accounting for insurance premium.
Concept; Closing the books of account and final settlement; Accounting for dissolution-Settlement of partner’s capital accounts when the firm and all the partners are solvent, Settlement of account when a partner is insolvent with or without using the rule of Garner Vs Murry; Gradual realization and piecemeal distribution-Surplus capital method, Maximum loss method.
Concept; Difference between consignment and sales; Important terms Consignment goods sent at invoice price, Consignment expenses, Commission ,Valuation of unsold stock, Loss of goods on consignment Normal loss, Abnormal loss; Interest on consignment; Consignment goods taken over by consignee.
Meaning, characteristics and features of joint venture; Difference between joint venture and consignment; Difference between joint
venture and partnership; Methods of accounting-Without keeping separate set of books, With keeping separate set of books.
Concept and types of branch; Accounting records-Dependent branch, Independent branch; Accounting entries for incorporation of branch transactions in the books of head office and consolidated balance sheets ; Accounting treatment of some important adjustments-Normal loss, Abnormal loss, Cash in transit, Goods in transit, Inter branch transactions.
Concept, objectives and types of department; Department trading and profit and loss account; Allocation of expenses, Difference between branch and department, Inter – department transfer
Concept and objectives of container; Importance terms of container; Calculation of missing terms of container; Accounting for types of container-Returnable: with maintaining trading and reserve account, with maintaining trading, reserve and stock account; Non Returnable.
Concept and techniques in general, Accounting treatment-- receipt and payment account, adjustments, income and expenditure account, profit and loss account , household cash statement.
Concept and modern terms; Accounting treatment with and without maintaining minimum rent account.
Concept and objectives of hire purchase system; Calculation of interest, cash price and installment (using analytical table); Accounting treatment: In the book of purchaser- Journal entries, Necessary ledger accounts. In the book of vendor-Journal entries, Necessary ledger accounts.
Concept and features of installment system; Difference between hire purchase and installment system; Calculation of interest, cash price and installment (using analytical table); Accounting treatment: In the book of purchaser-Journal entries, Necessary ledger accounts. In the book of vendor, Journal entries, Necessary ledger accounts.