Topics
Introduction to Partnership and Partnership Final Accounts
- Concept of Partnership
- Partnership Deed
- Provisions of the Indian Partnership Act, 1932
- Special Aspects of Partnership Accounts> Partner's Capital Account
- Partner's Capital Account> Fixed Capital Account
- Partner's Current Account
- Partner's Capital Account> Fluctuating Capital Account
- Examples on Partners’ Capital Accounts
- Partnership Final Accounts
- Trading Account
- Profit and Loss Account
- Balance Sheet
- Adjustments in Final Account
- Examples on Partnership Final Accounts
Introduction to Partnership
Partnership Final Accounts
- Partnership Final Accounts
- Adjustments - Income Receivable
- Interest on Capital and Current Accounts
- Adjustments - Interest on Investment and Loans
- Adjustments - Goods Destroyed by Fire Or Accident (Insured Or Uninsured)
- Adjustments - Goods Stolen
- Adjustments of Financial Statements - Goods Distributed as Free Samples and Manager's Commission
- Adjustments - Goods Withdrawn by Partners
- Adjustments - Unrecorded Purchases and Sales
- Adjustments - Capital Expenditure Included in Revenue Expenses and Vice-versa
- Adjustments - Bills Receivable Dishonoured
- Adjustments - Bills Payable Dishonoured
- Adjustments - Deferred Expenses
- Adjustments - Capital Receipts Included in Revenue Receipts and Vice-versa
- Adjustments - Commission to Working Partner Managers on the Basis of Gross Profit Net Profit, Sales, Etc
Accounts of ‘Not for Profit’ Concerns
Reconstitution of Partnership (Admission of Partner)
- Reconstitution of Partnership
- Admission of Partner
- New Profit Sharing Ratio
- Sacrificing Ratio
- Admission of Partner> Accounting Treatment of Goodwill
- Average Profit Method
- Super Profit Method
- Admission of Partner> Reserves and Accumulated Profit/Losses
- Admission of Partner> Revaluation of Assets and Liabilities
- Admission of Partner> Adjustment of Capital
- Examples on Admission of Partner
Reconstitution of Partnership
- Modes of Reconstitution of a Partnership Firm
- Admission of Partner
- New Profit Sharing Ratio
- Methods of Valuation of Goodwill
- Admission of Partner> Adjustment of Capital
- Admission of Partner> Revaluation of Assets and Liabilities
- Admission of Partner> Accounting Treatment of Goodwill
- Retirement of Partner
- Needs of Retirement Or Death of a Partner
- Retirement/Death of a Partner> Treatment of Goodwill
- Retirement/Death of a Partner> Revaluation of Assets and Liabilities
- Retirement/Death of a Partner> New Profit Sharing Ratio
Dissolution of Partnership Firm
Reconstitution of Partnership (Retirement of Partner)
- Retirement of Partner
- Retirement/Death of a Partner> New Profit Sharing Ratio
- Retirement/Death of a Partner> Gaining Ratio
- Retirement/Death of a Partner> Treatment of Goodwill
- Hidden Goodwill
- Retirement/Death of a Partner> Reserves and Accumulated Profits/Losses
- Retirement/Death of a Partner> Revaluation of Assets and Liabilities
- Retirement/Death of a Partner> Adjustment of Capitals
- Computation of Amount Due to the Retiring Partner
- Payment of Amount due to Retiring Partner
- Examples on Retirement of Partner
Reconstitution of Partnership (Death of Partner)
- Death of Partner
- Retirement/Death of a Partner> New Profit Sharing Ratio
- Retirement/Death of a Partner> Gaining Ratio
- Retirement/Death of a Partner> Revaluation of Assets and Liabilities
- Determination of Amount due to the Deceased Partner
- Settlement of Amount Payable to the Deceased Partner
- Examples on Death of Partner
Accounts of “Not for Profit” concerns
- Concept of Non-Profit Concerns
- Receipts and Payments Account
- Additional Information - Prepaid Expenses of the Current and Previous Year
- Additional Information - Subscription Received in Advance
- Additional Information - Subscription Outstanding of the Current and Previous Year
- Additional Information - Capitalisation of Entrance Fees
- Additional Information - Creation of Special Funds Out of Donations
- Additional Information - Stock of Stationery
- Additional Information - Opening Balances of Assets and Liabilities
- Income and Expenditure Account
Dissolution of Partnership Firm
- Concept of Dissolution of Partnership Firm
- Difference Between Dissolution of Partnership and Dissolution of Firm
- Accounting at the Time of Dissolution of a Firm
- Types of Firm Dissolution> Simple Dissolution
- Accounting Entries To Close The Books Of Accounts
- Transfer Stage
- Realisation/Disposal Stage
- Distribution Stage
- Treatment of Unrecorded (Undisclosed) Assets and Liabilities
- Process of Dissolution> Valuation of Goodwill
- Process of Dissolution> Realisation Account
- Examples on Simple Dissolution
- Types of Firm Dissolution> Dissolution under Insolvency Situation
- When One Partner Becomes Insolvent
- When Two Partners Become Insolvent
- When All Partners Are Insolvent
Single Entry System
- Concept of Single Entry System
- Statements of Affairs
- Additional Information - Additional Capital
- Effects of Adjustments-Drawings
- Concept of Depreciation
- Additional Information - Undervaluation of Assets and Liabilities
- Additional Information - Overvaluation of Assets and Liabilities
- Interest on Capital and Current Accounts
- Additional Information - Partners Salary
- Illustrations of Single Entry System
Bill of Exchange (Only Trade Bill)
- Necessity of Bill of Exchange (Only Trade Bill)
- Acceptance
- Concept of Bills of Exchange
- Honouring and Dishonouring of Bill of Exchange
- Accounting Treatment> Discounting the Bill of Exchange
- Accounting Treatment> Retaining the Bill till the Due Date
- Accounting Treatment> Endorsement of Bill of Exchanges
- Accounting Treatment > Bills Sent to Bank for Collection
- Insolvency of Drawee
- Retirement of Bill under Rebate
- Accounting at the Time of Dissolution of a Firm
- Examples on Bills of Exchange
Bills of Exchange
- Credit Transactions
- Concept of Bills of Exchange
- Acceptance
- Due Date
- Promissory Note
- Honouring and Dishonouring of Bill of Exchange
- Classification of Bills for Accounting
- Accounting Treatment> Retaining the Bill till the Due Date
- Accounting Treatment> Discounting the Bill of Exchange
- Accounting Treatment> Endorsement of Bill of Exchanges
- Accounting Treatment > Bills Sent to Bank for Collection
- Renewal Bill of Exchange
- Retirement of Bill under Rebate
- Insolvency of Drawee
- Examples on Bills of Exchange
Company Accounts - Issue of Shares
- Joint Stock Company
- Concept of Shares
- Kinds of Shares> Equity Shares
- Kinds of Shares> Preference Shares
- Shareholder's Fund> Share Capital of a Company
- Treatment of Share Capital in Balance Sheet
- Methods of Issue of Share Capital
- Terms of Issue of Shares> Issue of Shares at Par
- Terms of Issue of Shares> Issue of Shares at Premium
- Terms of Issue of Shares> Issue Shares at Discount
- Over Subscription of Shares
- Pro-rata Allotment
- Under Subscription of Shares
- Calls-In-Arrears
- Calls-In-Advance
- Issue of Shares for Consideration other than Cash
- Forfeiture of Shares
- When Shares Were Originally Issued at a Premium
- When Shares Were Originally Issued at Discount
- Reissue of Forfeited Shares
Company Accounts
- Concept of Shares
- Shareholder's Fund> Share Capital of a Company
- Private Placement of Shares
- Terms of Issue of Shares> Issue of Shares at Par
- Under Subscription of Shares
- Over Subscription of Shares
- Types of Share Issue
- Forfeiture of Shares
- Concept of Debentures
- Terms of Issue of Debentures> Issue of Debentures at Par
- Issue of Debentures for Consideration Other than Cash
- Interest on Debentures
Analysis of Financial Statements
- Concept of Financial Statements
- Concept of Financial Statement Analysis
- Formats of Financial Statement Analysis
- Tools of Analysis of Financial Statements
- Comparative Financial Statement
- Comparative Balance Sheet
- Comparative Income Statement
- Common-Size Statement
- Common Size Balance Sheet
- Common-Size Income Statement
- Concept of Cash Flow Statement
- Preparation of Cash Flow Statement
- Concept of Ratio Analysis
- Current Ratios/Working Capital Ratios
- Quick Ratio/Acid Test Ratio/Liquid Ratio
- Gross Profit Ratio
- Net Profit Ratio
- Operating Profit Ratio
- Operating Ratio
- Return on Investment
- Return on Capital Employed
Analysis of Financial Statements
- Comparative Financial Statement
- Common-Size Statement
- Concept of Cash Flow Statement
- Quick Ratio/Acid Test Ratio/Liquid Ratio
- Classification of Ratios> Income Statement Ratio
- Classification of Ratios> Combined/Mixed Ratio
- ROCE
Computer In Accounting
- Introduction
- Format
- Features
- Types of Receipts
- Types of Payments
- Specimen of Receipts and Payments Account
Maharashtra State Board: Class 12
Format: Receipts and Payments Account
Receipts and Payments Account
for the year ended 31st March 20......
Dr. Cr.
| Receipts | Amount ₹ | Payments | Amount ₹ |
|---|---|---|---|
| To All Receipts | ............ | By All Payments | ............ |
| (Revenue or Capital) | (Revenue or Capital) | ||
| Previous year – ............ | Previous year – ............ | ||
| Current year – ............ | Current year – ............ | ||
| Next year – ............ | Next year – ............ |
Maharashtra State Board: Class 12
Format: Receipts and Payments Account (Detailed)
In the books of........
Receipts and Payments Account
For the year ended 31st March 20......
Dr. Cr.
| Receipts | Amt ₹ | Amt ₹ | Payments | Amt ₹ | Amt ₹ |
|---|---|---|---|---|---|
|
To Balance b/d Cash in Hand Cash at Bank (Name of Banks) |
xxx xxx |
xxx |
By Balance b/d (Bank overdraft) |
xxx | |
|
By Salaries Previous year Current year |
xxx xxx |
xxx |
|||
|
To Subscriptions Previous year Current year Next year |
xxx xxx xxx |
xxx |
By Rent Rates and Taxes Previous year Current year Next year |
xxx xxx xxx |
xxx |
| To Entrance fees | xxx | By Printing and Stationery | xxx | ||
| To Admission fees | xxx | By General Expenses | xxx | ||
| To Life membership fees | xxx | By Interest on Bank Loan | xxx | ||
| To Legacies | xxx | By Electricity Charges | xxx | ||
| To Govt. Grants | xxx | By Audit Fees | xxx | ||
| To Donations (General) | xxx | By Tournaments Exp. | xxx | ||
|
To Donations for specific fund, Building Fund, Prize Fund, Tournament Fund |
|
xxx xxx xxx xxx |
By Wages | xxx | |
| By Purchase of Sports Materials | xxx | ||||
| By Insurance | xxx | ||||
| To Dividend - Received | xxx | By Telephone / Mobile Exp. | xxx | ||
| To Hire / Rent of Hall received | xxx | By Bank Charges | xxx | ||
| To Sundry Income | xxx | By Postage | xxx | ||
| To Sale of old materials | xxx | By Conveyance | xxx | ||
| To Sale of old News Papers / Scrap | xxx | By Expenses for Annual Function | xxx | ||
| To Misc. Receipts | xxx | By Fixed Deposit | xxx | ||
| To Tournaments Receipts | xxx |
By Purchase of Fixed Assets Books Furniture Building Investments |
xxx xxx xxx xxx xxx |
||
| To Cricket Fees | xxx | ||||
| To Tuition Fee | xxx | ||||
| To Term Fees | xxx | ||||
| To Collection of Fine | xxx | ||||
| To Locker Rent | xxx | By News Papers | xxx | ||
| To Exam Fees | xxx | By Office Expenses | xxx | ||
| To Balance c/d (Bank overdraft) | xxx | By Repairs | xxx | ||
| By Balance c/d | xxx | ||||
| Cash in Hand | |||||
|
Cash at Bank (Names of Bank) |
xxx xxx |
||||
| Total | xxx | Total | xxx |
Maharashtra State Board: Class 12
Key Points: Receipts and Payments Account
- Receipts and Payments Account is a real account that records all cash and bank transactions (revenue or capital) during the year, regardless of the period they relate to.
- It is similar to a cash book and starts with opening balances of cash and bank, and ends with closing balances.
- Revenue receipts (e.g. subscriptions, rent) go to Income & Expenditure A/c, while capital receipts (e.g. donations for building) are shown in the Balance Sheet.
- Revenue payments (e.g. salaries, taxes) are shown in Income & Expenditure A/c, and capital payments (e.g. purchase of assets) are shown on the Asset side of the Balance Sheet.
- Deferred revenue expenditure is a revenue expense giving benefits for multiple years, partly shown in Income & Expenditure A/c and partly in the Balance Sheet.
Related QuestionsVIEW ALL [35]
As per Receipts and Payments Account of Kala Club for the year ended 31st March, 2021, subscriptions received were ₹ 4,00,000.
| ₹ | |
| Subscriptions outstanding on 1.4.2020 | 1,00,000 |
| Subscriptions outstanding on 31.3.2021 | 70,000 |
| Subscriptions received in advance on 1.4.2020 | 50,000 |
| Subscriptions received in advance on 31.3.2021 | 80,000 |
Calculate the amount of subscriptions to be shown in Income and Expenditure Account for the year ended 31st March, 2021 as income from subscription.
