Financial Accounting-II

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Edited by: Dr. Rupesh Roshan Singh

FINANCIAL ACCOUNTING - II

Edited By

Dr. Rupesh Roshan Singh

Printed by EXCEL BOOKS PRIVATE LIMITED

A-45, Naraina, Phase-I, New Delhi-110028 for

Lovely Professional University Phagwara

SYLLABUS Financial Accounting - II

Objectives: The course will enable the students to maintain the accounts of partnership firms, branch accounts, departmental accounts and hire purchase accounts. The students will also be able to calculate the amount of claims in case of fire insurance policy and loss of profit policy.

Sr. No.

Content

1 Partnership Accounts: Meaning, Partnership deed, Guarantee, Adjustment of

closed partnership accounts

2 Distribution of Profit: Preparation of adjusted profit & loss a/c, Appropriation

of profit & Loss account.

3 Admission of partner: Adjustment regarding profit sharing ratio, Treatment of

goodwill, adjustment regarding revaluation of assets & liabilities, partner's

capitals and Balance sheet of the new firm.

4 Retirement of partner: adjustment regarding goodwill, revaluation of assets and

liabilities, undistributed profits, computation of partners' interest and mode of

payment.

5 Death of partner and joint life policy.

6 Dissolution of partnership. Garner v/s Murray rule including Insolvency of firm.

Piecemeal Distribution.

7 Departmental Accounts including inter departmental transfers at cost and invoice

price.

8 Branch Accounting.

9 Hire Purchase Accounts, Lease purchase accounts.

10 Insurance claim: Loss of stock Policy, Insolvency accounts.

CONTENT

Unit 1: Partnership Accounts

1

Rupesh Roshan Singh, Lovely Professional University

Unit 2: Distribution of Profit

13

Rupesh Roshan Singh, Lovely Professional University

Unit 3: Admission of Partner

28

Rupesh Roshan Singh, Lovely Professional University

Unit 4: Adjustment of Capitals

50

Rupesh Roshan Singh, Lovely Professional University

Unit 5: Retirement of Partner

60

Rupesh Roshan Singh, Lovely Professional University

Unit 6: Settlement of Retiring Partner's Claim

71

Rupesh Roshan Singh, Lovely Professional University

Unit 7: Death of Partner

80

Mahesh Kumar Sarva, Lovely Professional University

Unit 8; Joint Life Policy

91

Mahesh Kumar Sarva, Lovely Professional University

Unit 9: Dissolution of Partnership

103

Mahesh Kumar Sarva, Lovely Professional University

Unit 10: Departmental Accounts

132

Mahesh Kumar Sarva, Lovely Professional University

Unit 11: Branch Accounting

144

Mahesh Kumar Sarva, Lovely Professional University

Unit 12: Hire Purchase

164

Dilfraz Singh, Lovely Professional University

Unit 13: Lease Purchase Accounts

184

Dilfraz Singh, Lovely Professional University

Unit 14: Insurance Claim

203

Dilfraz Singh, Lovely Professional University

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