Advanced financial accounting - Lecture 1: Accounting for incomplete record (Single entry). The main topics covered in this chapter include: single entry; accounting for non-profit organizations; departmental accounting; branch accounting; partnership;... Please refer to the lecture for details!
Advanced Financial Accounting FIN611 Mian Ahmad Farhan Lecture1 Accounting for Incomplete Record (Single Entry) Branches of Accounting Financial Accounting Management Accounting Financial Management Course Contents Specific Accounting Single entry Accounting for nonprofit organizations Departmental Accounting Branch Accounting Partnership Course Contents Corporate Accounting Accounting Frame work and presentation Company financial statements Investment property Borrowing cost Accounting for Income tax including deferred taxation Events after balance sheet Provisions and contingent liabilities and assets Accounting policies and changes in accounting estimates Earning per share 10 Financial instruments 11 Construction contract 12 Group Accounting Accounting for Incomplete Record / Single Entry Functions of Financial Accounting Recording Classifying Summarizing Reporting and Analyzing Types of Financial Information Transactions Dealing Other events and An Incident Conditions Adjustment Balance sheet Equation Assets = Owner’s Equity + Liabilities Owner’s Equity/Capital Statement Opening balance of capital Add Net Profit Add Fresh Capital Less Drawings Closing Capital xxx xxx xxx xxx xxx xxx xxx Question Opening balance of capital Closing balance of capital Drawings Fresh capital introduced during the year Rs. 100 Rs. 150 Rs. 40 Rs. 25 Solution Opening capital Add Net profit Add Fresh capital Less Drawings Closing capital 100 65 165 25 190 40 150 Statement of Profit & Loss Net profit = Closing capital + Drawings – Fresh capital – Opening capital Question Sattar Bahi wants to determine its net profit by using following available data: Capital on 1 Jan Capital on 31 Jan Drawings Fresh capital Rs. 1,00,000 Rs. 1,40,000 Rs. 50,000 Rs. 30,000 Solution Net profit = Closing capital + Drawings – Opening capital – Fresh capital = 1,40,000 + 50,000 – 1,00,000 30,000 = 60,000 Question Beginning capital Ending capital Drawings Profit / Loss Rs. 16,500 Rs. 11,350 Rs. 3,300 ? Solution Net profit / Loss = Closing capital + Drawings – Opening capital = 11,350 + 3,300 – 16,500 Loss = Rs. 1,850 ... Earning per share 10 Financial? ?instruments 11 Construction contract 12 Group? ?Accounting? ? Accounting? ?for? ?Incomplete? ?Record? ?/ Single Entry Functions of? ?Financial? ?Accounting? ? Recording Classifying ...Branches of? ?Accounting? ? Financial ? ?Accounting? ? Management ? ?Accounting? ? Financial Management Course Contents Specific? ?Accounting Single entry Accounting? ?for? ?nonprofit organizations ... Departmental? ?Accounting? ? Branch? ?Accounting Partnership Course Contents Corporate? ?Accounting? ? Accounting? ?Frame work and presentation Company? ?financial? ?statements Investment property Borrowing cost Accounting? ?for? ?Income tax including deferred taxation