Principles Of Accounting

1. Prepare manufacturing accounts for various organizations.
2. Prepare partnership accounts and understand profit-sharing ratios.
3. Prepare accounts for non-trading organizations.
4. Analyze and prepare financial statements from incomplete records.
5. Prepare joint venture accounts and understand profit distribution.
6. Prepare consignment accounts and understand the relationship between consignor and consignee.

13 weeks, about 84 hours in total. Yours will differ.

1. Week 1Module 1: Manufacturing Accounts

   • Unit 1: Manufacturing account I · 4 hours

     Define manufacturing account and its purpose.. Understand terminologies like Direct Raw Material Cost, Carriage Inwards, and Direct Wages.. Prepare a manufacturing account showing prime cost and cost of goods produced..

   • Unit 2: Manufacturing account II · 4 hours

     Calculate the cost of raw materials consumed.. Understand the cost of conversion including labor and factory overheads.. Differentiate between opening and closing work-in-progress..

2. Week 2Module 2: Account for Partnership Business

   • Unit 3: Manufacturing account III · 4 hours

     Understand the accounting treatment for work-in-progress.. Prepare manufacturing accounts, income statements, and statements of financial position for manufacturing concerns.. Solve numerical problems related to manufacturing accounts..

   • Unit 1: Account for Partnership Business I · 4 hours

     Define partnership business and its reasons.. Understand the contents of a partnership deed or agreement.. Distinguish partnership from other forms of business..

3. Week 3Module 2: Account for Partnership Business

   • Unit 2: Account for Partnership Business II · 4 hours

     Prepare partners' capital accounts and current accounts.. Understand the accounting treatment for drawings and loans from partners.. Apply the knowledge in solving related accounting questions..

   • Unit 3: Account for Partnership Business III · 4 hours

     Prepare trading accounts, profit or loss accounts, and statements of financial position for partnership businesses.. Understand the treatment of goodwill and revaluation of assets.. Solve numerical problems related to partnership final accounts..

4. Week 4Module 3: Account of non-trading concern

   • Unit 1: Account of non-trading concern I · 4 hours

     Define non-trading organizations and their sources of revenue.. Prepare receipts and payments accounts.. Understand the accounting treatment for subscriptions, registration fees, and donations..

   • Unit 2: Account of non-trading concern 11 · 4 hours

     Prepare income and expenditure accounts for non-profit organizations.. Understand the difference between receipts and payments accounts and income and expenditure accounts.. Prepare balance sheets for non-profit organizations..

5. Week 5Module 3: Account of non-trading concern

   • Unit 3: Account of non-trading concern- Peculiar items I · 4 hours

     Understand the accounting treatment for peculiar items like entrance fees and life membership fees.. Prepare final accounts for non-trading concerns.. Solve numerical problems related to non-trading organizations..

   • Unit 4: Account of non-trading concern - Peculiar item II · 4 hours

     Understand the accounting treatment for legacies and special funds.. Prepare final accounts for non-trading concerns.. Solve numerical problems related to non-trading organizations..

6. Week 6Module 4: Adjustment before preparing final accounts

   • Unit 1: Adjustment before preparing final accounts1 · 4 hours

     Explain accrued income, prepayments, and accruals.. Understand the accounting treatment for depreciation and provisions for depreciation.. Apply the knowledge in solving related accounting questions..

   • Unit 2: Adjustment Treatment in account II · 4 hours

     Understand the accounting treatment for bad debts and bad debts recovered.. Explain discount allowed and discount receivable.. Apply the knowledge in solving related accounting questions..

7. Week 7Module 4: Adjustment before preparing final accounts

   • Unit 3: Adjustment Treatment in account III · 4 hours

     Understand the concept of incomplete records.. Identify and explain the different methods of collating accounting information.. Calculate profit where only the increase in capital and details of drawings are known..

   • Unit 4: Incomplete Records · 4 hours

     Deduce the figure for cash drawings when all other cash receipts and cash payments are known.. Deduce the figures of sales and purchases from incomplete records.. Apply the knowledge in solving related accounting questions..

8. Week 8Module 5: Joint Venture Accounts

   • Unit 1: Joint Venture Accounts · 4 hours

     Define joint venture business and its features.. Outline the importance of joint venture.. Differentiate joint venture from partnership business..

9. Week 9Module 5: Joint Venture Accounts

   • Unit 2: Consignment Account I · 4 hours

     Record the transactions of the joint venture in the books of one joint venturer.. Post the transactions in the books of all the joint venturers.. Post the relevant transactions of the venturers to the memorandum of joint venture account..

10. Week 10Module 5: Joint Venture Accounts

    • Unit 2: Consignment Account 11 · 4 hours

      Define consignment and its peculiar terms.. Understand the accounting treatment for consignment transactions.. Apply the knowledge in solving related accounting questions..

11. Week 11Module 6:

    • Unit 3: Consignment Account 111 · 4 hours

      Understand the accounting treatment for loss of stock in consignment.. Prepare consignment accounts showing the profit or loss.. Apply the knowledge in solving related accounting questions..

    • Unit 1: Bills of enhancing instruments of credit I · 4 hours

      Identify different types of instruments of credit.. Define bill of exchange and promissory note.. Distinguish bill of exchange from promissory note..

12. Week 12Module 6:

    • Unit 2: Bills of enhancing instruments of credit II · 4 hours

      Understand the treatment of bills by the holder and its accounting.. Explain retaining the bill, discounting the bill, and endorsing the bill.. Apply the knowledge in solving related accounting questions..

13. Week 13Module 6:

    • Unit 3: Bills of enhancing instruments of credit III · 4 hours

      Explain renewal of a bill and its journal entry.. Explain retiring the bill and the necessary entries.. Apply the knowledge in solving related accounting questions..