FUNCTIONAL ACCOUNTING

Paper Code: 
CATG 113
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

COURSE OUTCOMES (COs):

Course outcomes

 

Learning and teaching strategies

Assessment Strategies

On completion of this course, the students will be able to:

CO11: Analyze the various aspects of royalty accounts and apply them in practice

CO12: Compare and contrast departmental and branch accounts; different methods of allocating departmental expenses.

CO13: Evaluate Investment and consignment by preparing their accounts

CO14: Determine performance of joint venture by applying various methods.

CO15: Estimate claims under fire insurance policies, loss of stock and loss of profit

Interactive Lectures, Discussion, Tutorials,  Practical Cases, Power point presentation and Solving Questions.  

 

 

Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments, Presentation, Individual and group projects, Observation.

 

12.00
Unit I: 
Royalty Accounts

• Meaning of Minimum Rent, Short Working, Excess Working, Recoupment of Short Workings
• Accounting in the books of Lessee and Lessor
• Sub Lease

12.00
Unit II: 
Departmental Accounts

• Meaning and advantages of Departmental Accounting
• Allocation of Departmental Expenses
• Distinction between Departmental Accounts and Branch Accounts
• Cost Based Transfer Price, Market Based Transfer Price
• Ascertainment of Departmental Profit

12.00
Unit III: 
Consignment Accounts

• Accounting for consignment in the books of consignor and consignee
• Normal Loss and Abnormal Loss of good sent on consignment,
• Accounting for Goods sent on consignment at mark-up price
• Valuation of Closing Stock
• Del Creder Commission and Bad Debts

12.00
Unit IV: 
Joint Venture Accounts and Accounting for Investment

• Features of Joint Venture
• Methods of Keeping Accounts
Accounting for Investment
• Fixed Income bearing Securities, Variable Income Bearing Securities
• Accounting Arrangement of fixed income bearing securities
• Purchase / Sale of Investment on the date of payment of interest
• Purchase/ sale of Investment before the date of payment of interest

12.00
Unit V: 
Insurance Claims

• Claims under fire insurance policies
• Claim for Loss of Stock
• Claim for Loss of Profit

Essential Readings: 

• Gupta, R.L. & Gupta, V.K. Financial Accounting. Sultan Chand & Sons
• Mukharjee, A., Hanif, M. Modern Accountancy. Tata Mc- Graw-Hill
• Sehgal, A. & Sehgal, D. Fundamentals of Financial Accounting . TaxMann’s
• Jain. Khandelwal & Pareek. Financial Accounting. Ajmera Book Company

References: 

SUGGESTED REFERENCE BOOKS:

  • Ghosh, T. P. Fundamentals of Accounting. Sultan Chand & Sons.
  • Goel, D. K., & Goel, R. Accountancy. Arya Publications.
  • Maheshwari, S. N. An Introduction to Accountancy. Vikash Publishers.
  • Tulsian, P. C. Accountancy. Tata Mc Graw Hill.

 

e-RESOURCES:

 

REFERENCE JOURNALS::

  • Business Perspectives and Research
  • FIIB Business Review
  • Harvard Business Review
  • IUP Journal of Accounting Research
  • Jindal Journal of Business Research
  • Nirma University Journal of Business & Management Studies
  • Oorja
  • The Chartered Accountant
  • The ICFAI reader
  • The Indian Journal of Commerce
  • Vikalpa: Journal for Decision Makers

 

Academic Year: 
2023-2024
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