Book keeping & basic accounting

Book Keeping And Basic Accounting

Unit I

Book keeping

Recording of financial transactions in a proper manner related to the business operation of an entity is known as book- keeping. Book -keeping is the permanent recording of financial transactions in a proper manner in the books of accounts of an entity so that their financial effect on the business of entity can be seen. There is a difference between the two terms bookkeeping and accounting.

Book keeping and Accounting

Book-keeping and accounting are different from each other. Bookkeeping is an important part of accounting. Accounting is broader than book-keeping. Accounting includes a design of accounting systems which book-keepers use for the preparation of financial statements, audits, cost studies, income-tax statements etc.

It also facilitates the interpretation of accounting information for both internal and external users for business decisions making. It requires skills and experience of an accountant.

There is a difference between the two terms bookkeeping and accounting, let us understand what is bookkeeping and accounting, their processes and difference between the two.

While doing Bookkeeping, we need to follow the basic accounting concepts and accounting conventions.

Bookkeeping is clerical in nature. Book-keeping is usually done by junior employees of the entity. Most of the entities nowadays use computers for bookkeeping rather than recording them manually. Accounting of an entity depends on its book-keeping system.

Book-keeping is the basis for accounting. It is because it is responsible for the proper recording of financial transactions. Whereas, Accounting involves classification, summarizing and reporting of financial transactions. It involves the preparation of source documents for all the financial transactions of the entity.

Process of Book keeping

1.      Identifying financial transactions

2.      Recording of financial transactions

3.      Preparation of ledger accounts

4.      Preparation of trial balance

Accounting

Accounting includes recording, classifying, summarizing financial transactions in a proper manner. It deals with common monetary measurement. It is thus a broader concept than bookkeeping. Bookkeeping is a part of accounting.

Only financial transactions which can be expressed in terms of money are recorded. Thus, accounting enables stakeholders to know the financial position of an entity for the period. It is concerned with summarizing of the recorded financial transactions. Also, it enables management to prepare various types of reports.

Process of Accounting

1.      Identifying financial transactions

2.      Recording of financial transactions

3.      Preparing ledger accounts

4.      Preparation of trial balance

5.      Preparation of financial statements

6.      Analysis of financial statements

Question: There is a difference between the two terms bookkeeping and accounting

Ans. The difference between bookkeeping and accounting is as follows:-

1.     Bookkeeping is concerned with the recording of financial transactions whereas accounting involves recording, classifying and summarizing financial transactions.

2.  Bookkeeping is clerical in nature and usually is the junior staff performs this function whereas accounting requires skills of accountant and knowledge of various accounting policies.

3.   The Bookkeeping is the base for accounting. Accounting starts where the bookkeeping ends and is thus broader in scope than bookkeeping.

4. Bookkeeping is in accordance with the accounting concepts and conventions. Whereas, the accounting methods and procedures for analyzing and interpreting the financial reports may vary from entity to entity.

5.     Financial statements do not form part of bookkeeping. Thus, these are prepared from the accounting process.

6. The accounting reports help in ascertaining the financial position of an entity, however not bookkeeping records.

Advantages of Accounting:

• Accounting helps to maintain the business records in a systematic manner.
• It helps in the preparation of financial statements.
• Accounting information is also used to compare the result of current year with the previous year to analyze the changes.
• It helps the managers in the decision making process.
• It provides information to other interested parties such as shareholders, creditors, investors, customers, government, employees, regulatory bodies etc.
• It helps in taxation matter
• Accounting information can be produced as evidence in the legal matter.
• It helps in valuation of business.

Limitations of Accounting

• The items expressed in monetary terms are recorded in the accountings where as the items which are nonmonetary nature not recorded.
• Sometimes accounting data are recorded on the basis of estimates and which could be inaccurate.
• Fixed assets are recorded as the original cost.
• Value of money does not remain stable so accounting value does not show true financial results.
• Accounting can be manipulated and biased.

Introduction to book keeping   👉    Notes

👉 Difference between book keeping and accounting

ACCOUNTING PRINCIPLES

Accounting principles may be defined as those rules of action or conduct which are adopted by the accountants universally while recording accounting transaction.

They are a body of doctrines commonly associated with the theory and procedure of accounting , serving as an explanation of  current practices and as a guide for selection of conventions or procedures where alternative exits.

Accounting Concept

The term ‘Concepts’ includes those basic assumptions or conditions upon which the science of accounting is based.

           (1) Separate Entity Concept :-  According to this assumption, business is treated a s a unit separate and distinct from its owners, creditors , manager and others. In other words, the owner of a business is always considered as distinct and separate from the business he owns.

   (        (2) Going Concern Concept :-  As per this assumption it is assumed that the business will continue to exist for a long period in the future. The transactions are recorded in the books of the business on the continuing enterprise.

 (3) Money Measurement Concept :-  Only those transactions and events are recorded in accounting which are capable of being expressed in terms of money. Measurement business event in the money helps in understanding the state of affairs of the business in a much better way.

 (4) Cost Concept :- The resources (Land, building, machinery, property rights etc.) that a business owns are called assets. The money values assigned to assets derived from the cost concept. This concept states that an assets is worth the price paid for or cost incurred to acquire it. 

 (5)Dual Aspect Concept :- This is the basic concept of accounting. According to this concept every business transaction has a dual effect. If A starts a business with a capital of Rs. 10,000. There are two aspects on the  transaction. The business has assets of Rs. 10,000 while on the other hand the business has to pay to the proprietor a sum of Rs. 10,000 which is taken as proprietor’s Capital.

                     Capital (Equities) = Cash (Assets)

                                      10,000 = 10,000 
(6) Accounting Period Concept :- According to this concept the life of the business is divided into appropriate segments for studying the results shown by the business after each segments. At the end of each segment of business or time interval is called “accounting period”.

(7) Revenue Concept :-  This is based on the accounting period concept.  The paramount objective of running a business is to earn.  In order to ascertain the profit made by the business during a period, it is necessary that ‘revenue’ of the period. The term ‘Matching means appropriate association of relation revenue and expenses.

In other words income made by the business during a period can be measured only when the revenue earned during a period is compared with the expenditure incurred for earning that revenue.

(8) Realisation Concept :- According to this concept revenue is recognised when a sale is made. Sale is considered to be made at the point when the property in goods passes to the buyer and he becomes legally liable to pay.

(B) Accounting Conventions :-

      (i) Conservatism :-  In the initial stages of  accounting certain anticipated profits     

            which were recorded , did not materialise. In encourages the accountant to   

            create secrete reserves (eg., by creating excess provision for bad and doubtful 

            debts ,depreciation etc.) and the financial statement do not depict a true and fair

            view of state of affair of the business.

       (ii) Full disclosure :- According to this convention accounting reports should

             disclose fully and fairly the information they represent. They should be

             honestly prepared and sufficiently disclose information which is of material

             interest to proprietor, present and potential creditors and investors.

       (iii) Consistency :-  According to this convention accounting practices should

               remain unchanged from one period to another. For example , if stock is valued

               at “Cost or market price whichever is less, this principle should be followed

               year after year. Similarly if depreciation is charged on fixed assets according

               to diminishing balance method, It should be done year after year. 

        (iv) Materiality :-  According to this convention the accountant should attach    

               importance to material details and ignore insignificant details. This is because

               otherwise accounting will be unnecessarily overburden with minute details.

Accounting terminology

1. Assets

Assets are the wealth that has been accumulated by the business and is owned outright without lien or loan. It may be items that depreciate over time, or goods that are sold to customers. This may include cash and investments, buildings and property, account receivable, warehouse inventory, equipment and supplies.

2. Balance sheet

The balance sheet is an important aspect of business. It records the basic accounting formula of assets = liabilities + stockholder equity / capital at a certain point in time, either monthly, quarterly or yearly. From the balance sheet the financial health of the business can be ascertained.

3. General ledger

The general ledger is the side of the bookkeeping ledger that contains the balance sheet and the income statement accounts. Here all business transactions are recorded, including sales, credit purchases, office expenses and income losses.

4. Gross margin

Gross margin or profit is the total number of sales that have been made, subtracted by the associated costs, such as manufacturing costs, wholesales costs, material, and supplies.

5. Loss

When a service or product sells for less than what it cost to supply or manufacture it, or when expenses have exceeded revenues of a particular asset, it's called a loss.

6. On credit/On account

On credit or on account means that products or services have been sold with the use of credit. Payment has not immediately been provided for these items, and there may be terms on account that may result in interest charges.

7. Receipts

Receipt is the total amount of cash collected in business transactions over the course of one day. It does not include other revenue collected.

8. Revenue

Income and revenue are interchangeable, compromising the total amount of all income collected at one point in time. It may include cash sales, credit purchases, subscription fees and interest income. It differs from receipts, as it can include monies that are not collected at the delivery time.

9. Trade discount

A trade discount is a percentage discounted from the purchase price, and is based on the volume of goods ordered at one point in time. Higher discounts may be applicable to larger orders, with smaller discounts for lesser orders.

10. Trial balance

The trial balance is recorded in the general ledger and includes both debits and credits for one particular account. The sheet must balance, with debits equalising credits.

UNIT II

Accounting Equation:

 

Double Entry System: 

                     

Double Entry System:-

In the Double Entry System, transactions have a dual aspect, and every transaction involves two parties – debit and credit, where and they are equal.

Every transaction involves two parties or accounts – one account gives the benefit, and the other receives it.

It is called a dual entity of transaction.

In every transaction, the account receiving a benefit is debited, and the account giving benefit is credited.

The process of keeping account accepting this dual entity i.e., debiting one account for a definite amount of money and crediting the other account for the same amount, is called a double-entry system.

Every transaction affects the accounting equation of a business. Dual change may take place between two assets.

For example, machinery purchase in cash.

Here machinery account receives the benefit, and the cash account gives the benefit, or the amount of decrease in cash will give an increase of machinery for the same amount.

Characteristics or Fundamental Principles of Double Entry System

The double-entry system is a scientific, self-sufficient, and reliable system of accounting. Following some widely accepted characteristics or principles, the account is kept under this system.

As a result, on one side, the arithmetical accuracy of the transaction is ensured, and on the other side, ascertainment of the financial position of the business is easily possible.

Characteristics of the double-entry system are stated below;

• Two parties: Every transaction involves two parties – debit and credit. According to the main principles of this system, every debit of some amount creates corresponding credit, or every credit creates the corresponding debit for the same amount.
• Giver and receiver: Every transaction must have one giver and one receiver.
• Exchange of equal amount: The amount of money of a transaction the party gives is equal to the amount the party receives.
• Separate entity: Under this system, business is treated as a separate entity from the owner. Here the business is considered as a separate entity.
• Dual aspects: Every transaction is divided into two aspects. The left side of the transaction debit and the right side is credit.
• Results: Under double entry system totality of debit is equal to the totality of credit. In its ascertainment of the result is easy.
• Complete accounting system: Double entry system is a scientific and complete accounting system.

The Three Golden Rules of Accounting – Real, Personal and Nominal Accounts

Traditional Approach consists of rules popularly known as the Three Golden Rules of Accounting. These rules are applicable irrespective on all categories of the transaction. These three most talked about and basic Golden rules of accounting are to make debit and credit in accounting ledger by categorising each and every transaction or entry into either

• Real
• Personal or
• Nominal Accounts

Now let us take each accounting rule in detail.

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Real Account

Real Accounts is a set of tangible aspects of business like furniture, cash, etc.

• If the item that belongs to the real account is coming into the business then while making the accounting entries it should be written on the Debit side.
• If the item of real account is going out of the business then while making the accounting entries it should be written on the Credit side.

The accounting rule of real account goes like

“Debit what comes in, 
credit what goes out”

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Personal Accounts

• If the person/ group of persons/ legal body is receiving something from the business then – Debit the receiver
• If the person/ group of persons/ legal body is paying something to the business – Credit the payer or giver

The accounting rule of personal account goes like

“Debit the receiver, 
Credit the giver”

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Nominal Accounts

Nominal Accounts represents all the Expenses, Loses, Income and gains incurred while doing business.Some common e.g. are,

• Electricity Expenses,
• Telephone Expenses,
• Interest Received,
• Profit on Sale of Machines, etc.

If it’s an expense or loss for the business – Debit 
If it’s an income or gain for the business – credit

The accounting rule of nominal account goes like

“Debit all expenses and losses, 
credit all incomes and gains”

Modern Approach

Under this approach all the accounts are classified into the following five categories

1. Assets Accounts
2. Liability Accounts
3. Capital Accounts
4. Revenue Accounts
5. Expense Accounts

• Assets Accounts

  Assets accounts are those accounts which relates to the economic resources of an enterprise such as Land and Building , Plant and Machinery , Furniture, Inventory, Bank and Cash etc.

• Liability Accounts

  Liability accounts are accounts of lenders, creditors for goods, outstanding expenses etc.

• Capital Accounts

  These are the accounts of proprietors/partners who have invested amount in the business. It includes both Capital Account and Drawings Account.

• Revenue Accounts

  These are accounts of incomes and gains. Examples like Sales, Discounts Received, Interest Received, Bad Debts recovered , etc.

• Expense Accounts

  These are the accounts of expenses or losses incurred in carrying the business. Example like purchase, wages, salary, depreciation, discount allowed and rent.

Numerical

Very Important (Old Papers)

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Unit iii

Bill of exchange (BOE) :- A written, unconditional order by one party (the drawer) to another (the drawee) to pay a certain sum, either immediately (a sight bill) or on a fixed date (a term bill), for payment of goods and/or services received. 
The drawee accepts the bill by signing it, thus converting it into a post-dated check and a binding contract.

A bill of exchange is also called a draft but, while all drafts are negotiable instruments, only "to order" bills of exchange can be negotiated. According to the 1930 Convention Providing A Uniform Law For Bills of Exchange and Promissory Notes held in Geneva (also called Geneva Convention) a bill of exchange contains: 

(1) The term bill of exchange inserted in the body of the instrument and expressed in the language employed in drawing up the instrument.

(2) An unconditional order to pay a determinate sum of money. 

(3) The name of the person who is to pay (drawee). 

(4) A statement of the time of payment.

(5) A statement of the place where payment is to be made. 

(6) The name of the person to whom or to whose order payment is to be made. 

(7) A statement of the date and of the place where the bill is issued. 

(8) The signature of the person who issues the bill (drawer). 

A bill of exchange is the most often used form of payment in local and international trade, and has a long history- as long as that of writing.

Promissory Note

A promissory note is a financial instrument, in which one party promises in writing to pay a pre-determined sum of money to the other party subject to agreed terms. It can either be payable on demand or at a specific time. It may be paid to or to the order of the authorized party or to the bearer of the instrument.

Terms of a promissory note include the amount of principal, the rate of interest (if any), name of both the parties (he who makes the promise is called the maker, and he to whom it is made is the payee), date of issuance, terms of repayment and the date of maturity.

Promissory notes are often unrecorded. There are two principal qualities essential to the validity of a promissory note. Firstly, it is payable at all events and is not dependent on any contingency. And secondly, it is to be for payment of money only.

Important Requisites

• The document must contain an unconditional undertaking to pay
• Amount to be paid must be fixed and certain
• It must be payable to or to the order of a certain person or to the bearer
• The document must be signed by the maker

A promissory note is signed by the person who borrows the money from the other party i.e. the lender. The note is kept by the lender as evidence of loan and the repayment agreement. Once the debt has been discharged, it must be cancelled by the payee and returned to the issuer.

A promissory note can be divided into two type viz., secured and unsecured promissory note.

Secured Promissory Note – It is based on the maker’s ability to repay, but it is secured with a collateral such as an automobile, land or a house.

Unsecured Promissory Note – It is not attached to anything; the loan is made based only on the ability of the maker to pay back the amount, generally its reputation & credit history plays a big role.

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Unit IV

Inventory Valuation 

(a) First-in-First-out:

Under this method, materials which are received first are also issued first. In other words, the pricing of the issue of the first lot is done at the cost at which that lot was acquired. As such, the closing inventories are valued at latest purchase price and, thus, it will represent current condition as far as possible.

That is, closing inventories are always out of the latest lots acquired or purchased or manufactured. The same leads to represent replacement price. This method is particularly applicable where price does not fluctuate very frequently and the materials are not fast moving.

Advantages:

1. This method is simple to understand and easy to operate.

2. This method is also found to be more suitable where the prices are fluctuating very frequently and the materials are slow moving.

3. It is a logical method since it utilises those items of inventory which are acquired or purchased or manufactured first.

4. It is a very useful method, particularly when the prices are falling.

5. As ending inventory consists of recently purchased goods, closing stock valuation becomes almost equal to current market price.

Disadvantages:

1. At the time of raising prices, when lower costs are absorbed by production and higher costs are represented by closing stock, more working capital will be required in order to replace the stock.

2. If there are large number of purchases at different prices it will complicate the store ledger and increase the possibility of clerical errors.

3. Comparison between two jobs becomes difficult if two similar jobs are charged with materials at different prices.

Illustration 1:

In a factory, stores are issued and accounted for on FIFO method. If the stock of a particular material on 1st Jan. 1992 is 1,000 units valued at Rs. 5 per unit and the particulars of purchases and issues during the month of January 1992 are as follows, prepare a statement showing how the value of issues should be arrived at:

(b) Last-in-First-Out:

Under this method, it is assumed that the materials purchased are issued in the reverse order to FIFO, i.e., the last receipt is the first issue or the latest lots of inventories are exhausted first. In short, inventories are valued at earlier purchase prices.

Advantages:

1. This method is also simple to understand and easy to operate.

2. It can easily be applied particularly when inventories are not too large and their prices are fairly steady.

3. The cost of materials which is charged to jobs represent more or less the current market price.

4. At the time of raising prices it makes high charge to production. As such, quantity of materials can easily be procured without requiring additional funds.

5. This method, no doubt, gives a better result when profit fluctuates during the period of changing price level (inflation).

6. The effect of current market price is reflected in the cost of production and cost of goods sold as well.

7. Since inventories represent earlier low prices there will be no unrealised profit in Profit and Loss Account under financial accounting.

Disadvantages:

1. In condition of raising prices, the closing inventories will be undervalued, i.e., it will have no impact on the current market conditions.

2. At times of falling prices, this method will reveal a lower charge to production and a higher value of closing inventories which has no relation to the current replacement value.

3. Like FIFO method, if there are large number of purchases at different prices, possibility of clerical errors will increase.

4. Comparison of cost becomes unreliable if two jobs are charged at different prices.

Illustration 2:

Consider Illustration 1, and follow LIFO Method:

Depreciation

Depreciation may be described as a permanent, continuing and gradual shrinkage in the book value of fixed assets. It is based on the cost of assets consumed in a business and not on its market value. 

Depreciation is “a measure of the wearing out, consumption or other loss of value of depreciable asset arising from use, effluxion of time or obsolescence through technology and market-change. 

Reserve & Provision:- 

BASIS FOR COMPARISON	PROVISION	RESERVE
Meaning	The Provision means to provide for a future expected liability.	Reserves means to retain a part of profit for future use.
What is it?	Charge against profit	Appropriation of profit
Provides For	Known liabilities and anticipated losses	Increase in capital employed
Presence of profit	Not necessary	Profit must be present for the creation of reserves, except for some special reserves.
Appearance in Balance Sheet	In case of assets it is shown as a deduction from the concerned asset while if it is a provision for liability, it is shown in the liabilities side.	Shown on the liabilities side.
Compulsion	Yes, as per GAAP	Optional except for some reserves whose creation is obligatory.
Payment of Dividend	Dividend can never be paid out of provisions.	Dividend can be paid out of reserves.
Specific use	Provisions can only be used, for which they are created.	Reserves can be used otherwise.

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Unit V

Format of Trading & Profit & Loss account

Balance Sheet Format

Question:-

The following trial balance have been taken out from the books of XYZ as on 31st December, 2005.

	Dr.$	Cr.$
Plant and Machinery	100,000
Opening stock	60,000
Purchases	160,000
Building	170,000
Carriage inward	3,400
Carriage outward	5,000
Wages	32,000
Sundry debtors	100,000
Salaries	24,000
Furniture	36,000
Trade expense	12,000
Discount on sales	1,900
Advertisement	5,000
Bad debts	1,800
Drawings	10,000
Bills receivable	50,000
Insurance	4,400
Bank balances	20,000
Sales		480,000
Interest received		2,000
Sundry creditors		40,000
Bank loan		100,000
Discount on purchases		2,000
Capital		171,500
	795,500	795,500

Closing stock is valued at $90,000

Required: Prepare the trading and profit and loss account of the business for the year ended 31.12.2005 and 
a balance sheet as at that date.

XYZ
Trading and Profit and Loss Account
For the year ended 31st, December 2005

Opening stock		60,000		Sales	480,000
Purchases	160,000			Less discount	1,900	478,100
Less discount	2,000	158,000
				Closing stock		90,000
Carriage inward		3,400
Wages		32,000
Gross profit (transferred to P&L)		314,700
		568,100				568,000
Carriage outward		5,000		Gross profit (transferred to P&L)		314,700
Salaries		24,000		Interest received		2,000
Trade expenses		12,000
Advertisement		5,000
Bad debts		1,800
Insurance		4,400
Net profit (transferred to capital)		264,500
		316,700				316,700

Note: Discount on purchases and discount on sales are deducted from purchases and sales respectively. They may be shown on the credit and debit side of profit and loss account respectively and it will not affect the net profit of the business. The gross profit will be affected if discount is treated so.

XYZ
Balance Sheet
For the year ended 31st, December 2005

Assets	$		Liabilities		$
Current Assets:			Current Liabilities:
Bank balance	20,000		Sundry creditors		40,000
Bills receivable	50,000		Bank loan		100,000
Sundry debtors	100,000		Fixed and Long Term:
Closing stock	90,000		Capital	171,500
Fixed Assets:			+Net profit	264,500
Furniture	36,000
Plant and Machinery	100,000		-Drawings	10,000	426,000
Building	170,000
	566,000				566,000

Difference Between Right Shares and Bonus Shares

BASIS FOR COMPARISON	RIGHT SHARES	BONUS SHARES
Meaning	Right shares are the one available to the existing shareholders equivalent to their holdings, that can be bought at a fixed price, for a definite period of time.	Bonus shares refers to the shares issued by the company free of cost to the existing shareholders in the proportion of their holdings, out of accumulated profits and reserves.
Price	Issued at discounted prices	Issued free of cost
Objective	To raise fresh capital for the firm.	To bring the market price per share, within a more popular range.
Renunciation	Shareholders may fully or partly renounce their rights.	No such renunciation
Paid up value	Either fully or partly paid up.	Always fully paid up.
Minimum subscription	Mandatory	Not required

Redemption of preference shares means returning the preference share capital to the preference shareholders either at a fixed date or after a certain time period during the life time of the company provided company must complied certain conditions.

According to Section 100 of the Companies Act 1956, a company is not allowed to return to its shareholders the share money without the permission of the court. A refund of money to shareholders on capital account, while the company is in existence, requires court’s sanction in addition to the special procedure. But Section 80 of the Companies Act allows a company, if authorized by its articles to issue preference shares which at the option of the company may be redeemed, if the conditions as laid down under this Section are to be satisfied.

The following are the important provisions regarding the redemption of preference shares which are given under Section 80 of the Companies Act:

(1) Company must be authorized by its articles of association.

(2) No such shares shall be redeemed unless they are fully paid up. The partly paid up shares cannot be redeemed. If they are partly paid in that case a final call be made to convert them from partly paid to fully paid only then redemption can be carried out.

(3) Such shares can be redeemed

(a) Out of the profit of the company which would otherwise be available for the dividend; or

(b) Out of the proceeds of a fresh issue of shares made for the purpose of redemption.

(4) If the shares are redeemed out of profits available for the distribution for dividend, a sum equal to the nominal amount of the shares so redeemed must be transferred to reserve account to be called ‘Capital Redemption Reserve Account’

(5) If preference shares are redeemed at premium, then such premium must be provided either out of the profits of the company or out of the company’s security premium account.

(6) The Capital Redemption Reserve Account can be utilized for the issue of fully paid bonus shares to the shareholders.

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Redemption of debentures means payment of the amount of debentures by the company. When debentures are redeemed, liability on account of debentures is discharged. Amount of funds required for redemption of debentures is quite large and, therefore, prudent companies make sufficient provision out of profits and accumulate funds to redeem debentures.

In this connection, The Companies (Amendment) Act, 2000 has introduced section 117 C which provides that:

1. Where a company issues debentures after the commencement of this Act, it shall create a debenture redemption reserve for the redemption of such debentures, to which adequate amounts shall be credited, from out of its profits every year until such debentures are redeemed.

2. The amounts credited to the debenture redemption reserve shall not be utilized by the company except for the purpose aforesaid.

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👉 LEDGER
👉 TRIAL BALANC

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