This document provides an overview of financial accounting concepts including financial statements, their objectives and components. It discusses the manufacturing account, trading account, profit and loss account and balance sheet. It describes the nature, framework and objectives of financial statements. It also covers the qualitative characteristics, importance, limitations and components of financial statements including the income statement and statement of financial position. Formats for the trading account, profit and loss account and balance sheet are also demonstrated.
Accounting
Cambridge A Level 9706
Financial Accounting
Paper 3
Company Accounts
Public Limited Company Accounts
Cash Flow Statements (IAS 07)
Indirect Method
Operating Activities
Investment Activities
Financing Activities
Online Classes
an effective document for accounting classes specially during this covid 19 (Corona) situation
Past papers and model questions
short notes
online support to get clarified all the doubts
Contact : Wtsapp : +94779035940
Instagram : Sanjaya_Jayasundara
Facebook: Accounting with Sanjaya Sir
Accounting
Cambridge A Level 9706
Financial Accounting
Paper 3
Company Accounts
Public Limited Company Accounts
Cash Flow Statements (IAS 07)
Indirect Method
Operating Activities
Investment Activities
Financing Activities
Online Classes
an effective document for accounting classes specially during this covid 19 (Corona) situation
Past papers and model questions
short notes
online support to get clarified all the doubts
Contact : Wtsapp : +94779035940
Instagram : Sanjaya_Jayasundara
Facebook: Accounting with Sanjaya Sir
Final Accounts of Clubs and Societies
Introduction.
Receipts and payments account
Calculation of the result of extra activities of a club or
society
Subscription Account
Income and expenditure account
Accumulated fund
Statement of financial position of a club or society
Cambridge International Advanced Level
Accounting (9706)
A Level - Paper 3
Financial Accounting
Consignment Accounts
Consignor , Consignee/Agent, Commission
Del Credere Commission
All the theories with steps
if you want a support to complete this tute, text me on Wtsapp : +94779035940
All the past papers and model papers
All the best children..!
The article gives an overview of what are accounting source documents and what are their goals, content, and examples.
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In this ppt i have given Introduction International Accounting which covers approaches in international accounting, importance of ia, introduction international accounting.
Subscribe to Vision Academy for Video assistance https://www.youtube.com/channel/UCjzpit_cXjdnzER_165mIiw
Final Accounts of Clubs and Societies
Introduction.
Receipts and payments account
Calculation of the result of extra activities of a club or
society
Subscription Account
Income and expenditure account
Accumulated fund
Statement of financial position of a club or society
Cambridge International Advanced Level
Accounting (9706)
A Level - Paper 3
Financial Accounting
Consignment Accounts
Consignor , Consignee/Agent, Commission
Del Credere Commission
All the theories with steps
if you want a support to complete this tute, text me on Wtsapp : +94779035940
All the past papers and model papers
All the best children..!
The article gives an overview of what are accounting source documents and what are their goals, content, and examples.
#manufacturing #manufacturer #accountingsource #mrpeasy #manufacturingsoftware #mrp #erp #erpsystem #mrpsoftware
In this ppt i have given Introduction International Accounting which covers approaches in international accounting, importance of ia, introduction international accounting.
Subscribe to Vision Academy for Video assistance https://www.youtube.com/channel/UCjzpit_cXjdnzER_165mIiw
A Google Ground egy egyedülálló kezdeményezés a régióban, de még európában is igazi ritkaságnak számít! A Ground egy önálló Google bázis, beágyazódva a legizgalmasabb városnegyedbe, amely helyet ad a kreatívoknak, online marketing ügynökségeknek, hazai KKV-knak, tanulni vágyó diákoknak, és most hétvégenként az Önök rendezvényének helyszínéül is szolgálhat!
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Cloud Computing Explained: Guide to Enterprise ImplementationJohn Rhoton
Cloud Computing Explained provides an overview of Cloud Computing in an enterprise environment. There is a tremendous amount of enthusiasm around cloud-based solutions and services as well as the cost-savings and flexibility that they can provide. It is imperative that all senior technologists have a solid understanding of the ramifications of cloud computing since its impact is likely to permeate the entire IT landscape. However, it is not trivial to introduce a fundamentally different service-delivery paradigm into an existing enterprise architecture.
This presentation describes the benefits and challenges of Cloud Computing and then leads the reader through the process of assessing the suitability of a cloud-based approach for a given situation, calculating and justifying the investment that is required to transform the process or application, and then developing a solid design that considers the implementation as well as the ongoing operations and governance required to maintain the solution in a partially outsourced delivery model.
The Anatomy of the Idea is a short introduction to ideation - the process of generating ideas. How do we create ideas? Or better yet, how do we create great ideas?
If you're interested in how to improve your ideation, visit Crinid.com for tips, techniques and inspiration.
Thank you for reading,
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Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
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LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
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Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
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"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
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RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
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Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
2. Introduction
Financial statements are the end products of
the accounting process, which reveals the
financial results of the specified period and
financial position as on particular date. It is
the basic and formal annual report through
which a business communicates financial
information to its various user groups.
3. Nature of Financial Statement
1. Recorded facts
2. Accounting conventions
3. Postulates(Assumptions)
4. Personal Judgements
4.
5. Framework
for preparing Financial
Statement
Qualitative characteristics
of
financial statements
Objectives of financial
statements
Components of
financial statements
j
k
l
6. Objectives
1. To provide reliable financial information
about economic resources(assets) and
obligations(liabilities) of a business firm
2.To provide information about the earning
capacity of the business firm
7. 3. To provide reliable information about the changes
in resources and obligations arising out of business
activities.
4.To disclose , the various accounting policies
followed in preparing the financial statement to its
various user groups.
5.To disclose, to the extent possible, other related
information to financial statement that is relevant
to the needs of the users.
8. Characteristics of Ideal financial statement
1.Relevency
2.Reliability
3.Understandibility
4.Comparability
9. Importance of financial statement
1. Importance to management
2. Importance to Creditors
3 Importance to Bankers
4. Importance to Investors
5. Importance to Government
10. Limitation of financial statement
1.Provide only interim reports
2.Aggregate information
3.No qualitative information
4.Personal biasness
5.Historical cost
11. Components of Financial Statement
1. Income Statement
(a)Manufacturing Account
(b)Trading account
(c)Profit and loss account
2. Statement of Financial Position
*Balance sheet
12. Manufacturing Account
Meaning : Those Concerns which convert the raw materials into finish
goods are required to find out the cost of goods manufactured besides
gross and net profit of the concern. These are manufacturing cum
trading concerns. In order to have full information about the cost of
goods manufactured, the concerns firstly prepare Manufacturing
Account & then prepare the Trading & Profit & Loss Account.
Object of Manufacturing Account :
1. Cost of finished goods produced and
2. Constituent items thereof such as cost of material consumed,
productive wages , direct & Indirect expenses.
13. Manufacturing Account
for the year ended………….
Particulars Amount Particulars Amount
To Raw Materials Consumed:
(Opening Stock Of raw Material +
Purchases During The Year – Closing
Stock Of Raw Materials)
To Direct Wages
To Direct Expenses(as carriage on
purchases)
Prime Cost
Factory Expenses:
To Factory Lighting
Factory Rent
Indirect Expenses
Supervisor’s Salary
Stores Consumed etc.
To Work In Progress
Beginning
Less: Closing Work In Progress
Sale of Scrap
By Cost of Goods Manufactured
transferred to Trading A/c
15. Horizontal form
Horizontal form is called ‘T form’ under which the Trading
account is prepared in the Format of Ledger account having
two sides i.e. debit side and credit side
16. Trading Account
Dr for the year ended on………….. Cr
Particulars Amount(₹) Particulars Amount(₹)
To Opening Stock
To Purchases
Less: Purchase Return
Or
Returns Outward
To Wages
To Wages and Salaries
To Direct Expenses
To Carriage ,Carriage Inward or
Carriage on Purchase
To Duty On Purchase
To Gas ,Fuel And Power
To Freight/Cartage
To Octroi
To Dock Charges
To Excise Duty
To Import Duty on custom duty
To Profit And Loss A/C
(GROSS PROFIT TRANSFER)
By Sales
Less: Sales Return or Return
Inward
By Closing Stock
By Profit & Loss A/C
To Gross Loss Transferred
17. Vertical Form
Vertical form is a form under which the trading
account is prepared in vertical order i.e. in the form of a
statement. These are shown below
18. Particulars Amount(₹)
Dr
Amount(₹)
Cr
Sales
Less: Sales Return
Less: Cost of Good Sold:
Opening stock
Purchases less Returns
Wages
Carriage
Less: Closing Stock
Gross Profit
………………..
………………..
………………..
………………..
………………..
………………..
……………….
……………….
……………….
__________
__________
Trading Account
For the Year ended…………
19. Profit and loss Account
Meaning:
According to R. N. Carter : “ A profit and loss
account is an account into which all gains and losses
are collected, in order to ascertain the excess of gains
over the losses or vice-versa.”
Net Profit=Operating Profit – Non operating expenses +
Non operating Income
20. Profit and Loss Account
Dr For the year ended on……………….. Cr
Particulars Amount() Particulars Amount()
To Trading A/c
(Gross Loss transferred)
Office & Administration
Expenses:
To Salaries
To Salaries and Wages
To Rent, Rates & Wages
To Printing & Stationary
To Postage & Telegram
To Lighting
To Insurance
Premium(Office)
To Telephone Charges
To Legal Charges
To Audit Fees
To travelling expenses
To Establishment Expenses
To Trade Expenses
To General Expenses
To Royalty on sales
By Trading Account
(GROSS Profit
Transferred)
By Rent
By DISCOUNT Received
By Commission Received
By Interest on investment
By Sundry Receipts
BY Bad Debt Recovered
By Sale of scrapes
By Interest on Drawings
By Capital a/c
(net loss transferred)
21. MEANING and FEATURES of Profit and Loss
Appropriation Account
Meaning:
Profit and Loss Appropriation Account is an account which is prepared
with an objective of appropriating or distributing the net profits among
the partners.
Features:
•It is prepared after the Preparation of Profit & Loss A/C
•It is an extension of Profit & Loss A/C.
•It is Prepared by partnership firm ( and Companies) for appropriations
( distribution) of profits among partners.
• It discloses how the net profit for an accounting period has been
appropriated.
•It is prepared in terms of the partnership Deed or the Partnership Act.
22. Profit and Loss Appropriation Account
For the year ended ……..
Particulars Amount
(Rs)
Particulars Amount
(Rs)
To Interest on Partners
Capital A/c
To Partners Salary a/c
To Commission to
partner’s a/c
To General Reserve a/c
To Partner’s Capital a/c*
( share of profits )
By Net Profit b/d
(Net Profit transferred)
By Interest on Drawings
a/c
By Balance of
Undistributed Profit
(brought forward from
previous year)
By Partner’s Capitala/c*
( share of loss )
23. Balance Sheet
According to J.R. Batliboi , “ A balance sheet is a
statement prepared with a view to measure the exact
financial position of a business on a certain fixed date.”
Importance of Balance Sheet :
1. To Ascertain the financial position
2. To Ascertain the Information about the exact
amount of capital
3. Helpful in the preparation of books of account in the
next year
24. Characteristics of Balance Sheet
The balance sheet is a statement not an account.
The word ‘to’ and ‘By’ are not used before the names of
the accounts shown in the balance sheet.
The total of the two sides of the balance sheet must be
equal.
It Shows the financial position of the business
according to the going concern concept.
The balance sheet does not have Debit or Credit Side.
The two sides of the balance sheet are called “Assets”
And “Liability”
25. Marshalling of Assets & Liabilities
Marshalling can be made in one of the following two
methods
(a)Liquidity; or
(b)Permanence
Generally , sole proprietors and partnership firms
prepare their Balance Sheet in the order of Liquidity.
27. Horizontal Form:-
Under this form of presentation of Balance
Sheet the Assets are shown on the right hand side. And
the Liabilities are shown on the Left Hand Side . This
form is also called ‘T’ form. This shown below
28. Balance Sheet
as on …………………………
Liabilities Amount(Rs) Assets Amount(Rs)
Current Liabilities
Bank Overdraft
Sundry Creditors
Bills Payable
Outstanding
Expenses
Unearned
Income
Fixed Liabilities
Long term Loans
Reserves
Capital
Add- Net Profit
Less-Net Loss
Less-Drawings
Current Assets
Cash in Hand
Cash at Bank
Bills Receivable
Short term
Investments
Sundry Debtors
Closing Stock
Prepaid
Expenses
Accrued Income
Fixed Assets
Loose Tools
Motor Vehicle
Furniture
Long term
Investments
Plant and
Machinery
Patent
29. Vertical Form:-
Under vertical form of preparing a
balance sheet, the liabilities and assets
are shown one after another in vertical
order i.e. in the form of a statement.
30. Figures as at the
end of current
financial year
Figures as at the
end of previous
financial year
Assets
Current Assets:
Cash
Sundry Debtors
Less: Provision for Doubtful Debts
Stock
Prepaid Expenses
Fixed Assets:
Furniture and Fixtures
Land and Buildings
Plant and Machinery
Less: Deprieciation
Goodwill
Total Assets
Liabilities and Capital:
Current Liabilities:
Sundry Creditors
Outstanding Expenses
Total Current Liabilities
31. Prepare Trading account form the given information for
X LTD. For the year 31st December 2006
Opening stock- 40,000
Purchases- 1,75,000
Sales- 3,03,000
Return Inwards- 3,000
Return Outwards- 5,000
Wages – 30,000
Carriage Inwards – 5,000
Closing Stock- 65,000
32. Trading Accountof X ltd. For the Year 31st Dec. 2006
Particulars Rs. Rs. Rs.
Sales
3,03,000
Less Sales return
3,000 3,00,000
Opening stock
Purchases
Less purchase return
Carriage Inward
Wages
Less Closing Stock
Cost of Good sold
Gross profit
1,75,000
5,000
5,000
30,000
40,000
1,70,000
35,000
2,45,000
65,000
1,80,000
1,20,000
33. Prepare Profit and loss account for X Ltd. For the year 31st Dec.
2006
Discount Recd.- 12,000
Dividend Recd.- 16,000
Profit on Sale of an asset- 16,000
Salaries to sales people- 15,000
Salaries to Administrative- 25,000
Telephone Charges- 1,500
Audit Fees – 1,000
Depreciation on Furniture- 200
Bad Debts –200
Interest paid on loans- 200
Loss by Fire- 3,000
34. Profit and loss account for X Ltd. For the year 31st Dec. 2006
Particulars Rs Rs. Rs
Gross Profit
Add: Other Income( Dis. Recd.)
Non Trading income (Div. Recd.
Abnormal gains ( Profit on asset sale)
Less:Mgt. Expenses ( Admin. Salary)
Telephone Charges and Audit Fees
Less: Maintenance Expenses( Dep.)
Less: Selling &Dist.Exp(sales Salary)
Bad debts
Less: Financial expenses ( Interest)
Less: Abnormal Losses ( Fire loss)
Net profit Transferred to capital account
25,000
2,500
15,000
200
12,000
16,000
16,000
27,500
200
15,200
200
3,000
1,20,000
44,000
1,64,000
46,100
1,17,900
35. Balance Sheet
A business firm has following Assets and Liabilities . From the
following information prepare a balance sheet
Machinery –Rs 100000
Furniture -Rs 30000 Depreciation on machinery-10000
Prepaid expences-2000 Profit of the year-90000
Outstanding income-1000 cash in hand-3000
Long term loan-1000
Closing stock 5000
Outstanding expences-100
Income received in advance-500
Capital of the partners-
A-400000
B-400000
36. Balance sheet
as on
Liabilities Amount Assets Amount
Long term loan 100000 Machinery 100000
Income received in Less : Depreciation
Advance 200 10000 90000
Furniture : 169000
Outstanding expenses 100 Closing Stock 5000
Capital :: Cash in Hand 3300
A: 40000 Prepaid expenses 2000
Add : profit 45000 Outstanding income 1000
B: 40000
Add : Profit 45000 170000
270300 270300
37. Treatment of Adjustments
Closing Stock: If this item is given inside the trial balance
then only mention as Current assets in Balance Sheet.
But if given in adjustments then show the same in trading
account as well as in Current Asset side of Balance Sheet.
Outstanding Expenses : ( due for accounting period but
not paid) Add this amount in the particular expense either in
trading or P&L A/c and show as Current Liabilities in Balance
Sheet.
Prepaid Expenses: (Expenses paid in advance) Deduct this
amount in the particular expense either in trading or P&L
A/c and show as Current Assets in Balance Sheet.
38. Outstanding Income: (Income due in accounting
period but still not received) Add this amount in the
particular income in P&L A/c and show as Current
Assets in Balance Sheet.
Income Received in advance: (Income received in
advance by business before it being earned by the
business.) Deduct this amount in the particular income
in P&L A/c and show as Current Liabilities in Balance
Sheet.
Depreciation: Show this amount in the P&L A/c and
deduct form that particular fixed asset in the Balance
Sheet.
Interest on Capital: Show this amount as Financial
expense P&L A/c and added in capital in Balance Sheet.